Bankruptcy Advice

Lillekat2

Hello all again,

Well I have started to sort my finances out very slowly, with support from here and the use of Martins budget. I have swapped and moved money and squeezed every last drop and I now have a Green Results section! Now to deal with my other half!

My beloved is currently under the watchful (?) eye of Gregory Pennington but as he has no income (had own business which has now folded) even that is becoming impossible to deal with. They themselves advise going bankrupt. But before he makes such a monumental decision we are trying to get as much information as possible. We have been to the insovency service website and downloaded all their info, and he will be seeing the CAB once we have sorted out somewhere to live (1 crisis at a time).
One thing we can't seem to find out is about what they (the OR etc) class as a "material" asset. We rent our home; the car (such as it is) is mine and we are getting rid of that, as is the telly & video. There is some stock left from his business.... there is still money outstanding on a ring which I will happily give up if it will help. It would just be nice to know what can go! Is there a value threshold (anything over £x can be used to pay off the debts) or is it only specific stuff?

As always all advice gratefully received

Malestrom

My advice would be for him to ring National Debtline and speak to an advisor. If they also recommend bankruptcy for him, then that would be the avenue to take. There is some information here about bankruptcy although I think this is more geared towards personal bankruptcy rather than business bankruptcy, which is why i'd recommend speaking to ND.

The Official Receiver will take anything related to the business that has any value, such as old stock, machinery or office equipment.

Lillekat2

Thank you! It is personal bankruptcy rather that business - Although he has stopped trading there is no debt relating to the business.

I have printed off the debtine line info for him and will get him to phone them

jen_jen_2

assests are those items that are worth the OR taking the time to sell. a car in his name and him not working will be an asset, if he uses the car for work it can be ingnored or replaced with one of less value or its yours its not part of his assets same with the ring - its yours, the stock from business - an asset.

the OR will not want anything that is basic human need, furniture etc (unless of value ie designer, antique, collectable)

Its costs money for the OR to sell items, this cost is paid before any creditors are paid with the money raised from the sale, therefore the OR has to weigh up how much it will cost (OR time etc) the for him/her to take the item and sell at the best price. the OR only wants to raise money for the creditor, the do not want to increase the bill for their services when they are not going to get any of that money back, nor do they wish to punish you. as to "how much" it depends on each OR. his everyday normal stuff should be fine anything that is yours should not be included.

hope the above makes sense

Malestrom

Are Gregory Pennington dealing with personal debts on a debt management plan that your husband/partner has? If so, he is paying them a monthly fee to do so. If he decides not to go bankrupt then he should use a fee-free debt management service, such as National Debtline, CCCS or PayPlan. Links at the top of the page.

Sorry for the bankruptcy confusion, I thought it was a business bankruptcy.

Lillekat2

Gregory Pennington are dealing with my partners personal debts at the moment. I have told him about the free services but he didn't have any time to try and talk to them cos of his business - Now of course he has nothing but time.
Looking back at my post I can see how you got mixed up about the bankruptcy -- I tend to not proof read my posts for clarity -- Sorry.