Bankruptcy

dizzy790

if your a sole trader can you go BR and keep the things you need for work?

i run a little dog walking business so i have a van registered to my husband, i need to go BR but scared the OR will take my van and leave me unemployed.

The van is owned outright my husband and he bought it.

Thanks

Daisy4567

Hi, I was under the impression you were allowed to keep equipment etc which is essential for your work?

Someone who knows better than me will be along soon no dohbt

woodformoretrees

The OR is more interested in stock - your tools of the trade enable you to earn, so they aren't looking to stop you earning (and possibly paying back creditors with those earnings).
The van isn't yours though, so it would be of interest to OR more if your husband was to declare bankruptcy, as he wouldn't have any business use for it....Maybe?

dizzy790

Thanks,

i cant even remember why its in his name - i think he went to buy it without me.

its not an issue for the insurance or anything.

its worth about 4k i think - will this be an issue?

there is no stock to my business - unless the or is interested in about 500 poo bags

alastairq

As woods says, the van is not your asset..but belongs to your husband [assuming he can show an evidential trail...statements, receipts, etc that he is the actual owner.]

Whose name is stated on the V5c? [nothing to do with 'ownership']

dizzy790

V5 is in his name too, receipts for it in his name - everything in his name.

longtermplanner

It's his van, not yours, and the OR won't be interested in it.