What are assets?

lxpeanut

It might seem like a stupid question but I have nothing I would consider to be worth much. I don't have a car or house ect but I am worried about what I would lose if I had to declare bankruptcy (which is a distinct possibility). What else was considered an asset and put towards paying your debt?

All I have is things like my TV and my computer (which was built by me so would be difficult to value). What I'm worried about is that these things would cost far more to replace than the money they would pay towards my debt. What kind of value do things have to have before they are taken from you?

fermi

Hi lxpeanut.

Any asset that the OR should take has to be sold at auction.

This means that the things that you mention are rarely worth the effort for the OR to claim. In fact the phrase on the Bankruptcy petition that asks about other assets of value give examples as:

Any other property of any value e.g. paintings, furniture or jewellery.

These are things inclined to fetch many thousands at auction. And when the mention furniture, they mean antiques.

Unless you have a Picasso hidden under the bed you should be OK.

PixiePie

From things allowed in your I&E by the OR for BR (argh, I've become letters woman!!), you're allowed a tv license, so from that you can assume you are allowed a tv - as long as it's not the latest 200" plasma superdupa screen tv (ie, it's 'just' a normal telly), I would have thought they're not interested (haven't been through BR yet - trying to get money together). If you're really worried, put them down with approx values on - which will be low (check out Ebay for amounts - the PC will be nothing due to specs rising all the time and component parts being cheap as chips), but I'm not putting mine down (not that I actually own it as my OH paid for it but there you go), so it's up to you

rog2

When I was declared bankrupt I was asked, at my OR interview, to sign a request that my personal assettts, such as furniture, TV, Computer etc. were excluded from my 'estate in bankruptcy'.
What the OR did, however, consider as assetts were my private pension funds, premium bond (Yes single premium bond) and my 8 BP shares.