value of assets?

sparkiedave

Hi Folks,
I've been considering Bankruptcy for a while now, after a relationship breakdown where my ex managed to consistently spend more than I could earn, one of my creditors is the Inland Revenue, I am hoping that they might make me bankrupt as I can't seem to raise the funds to do it myself.
One of the things I have read is that they do not take the items essential to your business unless there is nothing else of value,
I have my van, tools and pretty much nothing else of any value (even my van is worth about £1500 on a good day), where do they draw the line on what is worth taking??

CKhalvashi

It will depend on your circumstances, however if it will enable you to pay into the BR, they will probably not take it.

Fermi (or someone else) will answer in more detail shortly, as I'm not a specialist in this area.

Action_Jackson

They don't take tools of trade, and if you need your old £1500 van for work, they won't take that either, regardless if you have anything else of value. I was allowed to keep my tools of trade and had no other assets.

theforumking

If you declare yourself bankrupt do you also lose all your belongings? Like, TV's, Car etc...?

philnicandevan

theforumking wrote: »

If you declare yourself bankrupt do you also lose all your belongings? Like, TV's, Car etc...?

cars maybe depends on circumstances....not interested in household goods (unless you've a few old paintings in the loft hiding!)

sparkiedave

ok thanks, was hoping that would be the case, came away from relationship with nothing but the debt and my tools................. and my sanity, (just), can't earn without my kit/van etc

National_Debtline

Hi sparkiedave

The thing to remember here is that the OR's job is to get the best possible return for your creditors in bankruptcy. Depriving you of your livelihood would not achieve that, quite the opposite arguably. If the tools of your trade were worth several years of earnings, it might be different, but that is clearly not the case here.

Regards

Dennis @NDL

JaneDoeJohnDoe

philnicandevan wrote: »

cars maybe depends on circumstances....not interested in household goods (unless you've a few old paintings in the loft hiding!)

Yes, the OR said that to me too. Although the BR forms aren't that clear, so don't worry. Provided the household goods are 'normal'. For example not a 56inch 3d widescreen plasma tv. :rotfl::D:p;)