Bankruptcy and horses

mitsy172

Hi everyone I am new to this site but just wanted some general advice.
I am currently filling for brankruptcy and I own 2 horses. I am so worried that these will be taken as assets. Both horses are 17 years old, have health issues and are both paid for by my grandmother.
Has anyone on here know or have had any experence in this?:sad::(

murphy306

I would think not, as they are going to be of a low value. If they were show horses or that worth a lot of money then maybe. That is only my own opinion.

On another note from what I can see about Bankruptcy it is not very strict, a neighbour of mine was bankrupted recently for owing Vat man and other creditors and he seems to be carrying on as normal working away, declaring himself at another address AND claiming benefits.... Seems to be they dont be too caring about looking into possessions so perhaps you will be ok?

Anondebtadvisor

It can be the case that the horses may be an asset in the bankruptcy - i had a case recently where we had to deal with a bankrupt clients horses.

Where are the horses kept? on your land or do you pay for stabling for them?

If they are on your land and that land vests in the trustee the horses will become the responsibilty of the trustee.

mitsy172

The horses are at a livery yard and all bills for the horses are paid by my grandmother.

Anondebtadvisor

You should find they will fine as your grandmother is covering the costs

mysterio_2

(and have proof she's covering the costs...recipts etc JUST in case)

tiggerbodhi

Assume they would go under "livestock" on the SOA form, but although technically an asset, how much are they actually "worth" if sold at auction, if the sum is little you either have to "buy back" the beneficial interest from the OR, or they may decide it is not worth the effort to realise a small amount of money.

You may want to consider who "owns" the Horses, surely if your Grandma has been paying for the upkeep etc they could be hers?

mitsy172

Well one is worth about £350 and the other I paid £500 two years ago. They both have passports but i have not registered them in my name yet!! How can someone prove they are mine?

mysterio_2

be difficult to...you can prove however your Gran covers all other costs?

livestock is a difficult one to play really..standard rules an asset can be worth over £1000 it could be seized but seeing as the horses are such low value & their age who knows..once the receiver pays out for a valuation etc along with transportation costs they've got to ask is it really worth all the extra expense

debtinfo

Best to stick to the pets route as livestock can be destroyed if it is not valuable enough to be sold

mitsy172

Am i best just not to mention them at all?