What happens if my partner goes bankrupt?

bb23

My partner works for a company who have many onsite financial advisors and he has been advised in both a friendly and professional capacity to go bankrupt.

I am wondering, what happens to personal posessions and things such as home PC, new unused baby bouncer chair and crib (due to impendina arrival of 2nd baby), car, guitars, amplifiers, TV - basically everything - do they take it>?

Thanks in advance

BB

CLAPTON

In general the OR (Official Receiver) will only be interested in things of reasonable resale value and NOT normal household possessions.
He's not there to punish you but to raise as much money as possible for the creditors and in reality most house hold goods have little resale value especially when you take into account the ORs overheads.

So a car will be of interest and may be sold, although even here if OH needs one for his job then he would be allowed to keep or buy a cheap one.

Home PC, normal TVs, HiFi, baby bouncers, bedding, cookers, funiture (unless antiques) would be of no interest to the OR unless there were individual items of high value.
It is extremely unlike that the OR / anyone will come to your house.
If he owns a house, either his or jointly then the OR will want to realise his beneficial interest.
If he holds endowment or insurance policies with a cashin or sale value then the OR may be interested.

madoldbat

Good morning BB23.
Firstly welcome you have come to a good place for support and advice lots of people have been were you are now and will try and help.
OR is interessed in things of value to reclaim money most people get to keep pc,tv,and household stuff unless its worth super ammount .Is your dining suite Chipendale?What use would the OR have for your baby stuff,he/she might frown if you continued to buy stuff that was very expensive in their eyes eg.Top of the range baby buggy for 600.00 when a standard 100.00 or less one would do .
Not quite sure about music stuff would depend on value and is it his or yours?Is it recriation or a money maker?
Is it just your OH who is going to go bankrupt?
We both went so Im no very sure how it affects the one who is not banckrupt.But someone will be along very shortley Im sure who will.
Take a deep breath have a vcup of tea and watch your thred help is on its way.

fermi

My only real concern is the musical equipment as well (from the items listed).

If this is valuable and purchased in the last few years the OR might get interested in these. So:

* How much are they worth?
* When were they purchased?
* How were they purchased?

bb23

fermi wrote: »

My only real concern is the musical equipment as well (from the items listed).

If this is valuable and purchased in the last few years the OR might get interested in these. So:

* How much are they worth?
* When were they purchased?
* How were they purchased?

The guitars - one is mine - a Fender Strat 50's re-issue, bought as a present £350 at the time in 1997

4 acoustics - not much value

One LTD bought about 3 years ago outright for £400

2 marshall amplifiers, one is 3rd hand and battered so not worth anything
the other was bought on HP but its been paid off, dunno how much it was but he's had it for about 6 years now.

fermi

OK. So long as he hasn't bought a brand new lpg and stage amp on his credit card in the last couple of years then that lot should be safe as well.:)

They are not even worth declaring as assets on the forms, as the auction value will be too low to be bothered with.

jimblinginginggh

fermi wrote: »

My only real concern is the musical equipment as well (from the items listed).

If this is valuable and purchased in the last few years the OR might get interested in these. So:

* How much are they worth?
* When were they purchased?
* How were they purchased?

So what you do is get all your stuff to friends/families houses. And no you don't need to tell them where you took it all and no you don't have to explain yourself to them. What are they going to do? Nothing. Avoid storage places, as they leave a paper trail!

When the boys in the van come round, you can make them a cup of tea and send them on their merry way, empty handed. Then when things have settled down, bring all your stuff back in. Solved. There's nothing illegal in doing this and it will avoid you having to have your stuff taken off you.

tigerfeet2006

Was there a reason you resurrected a five year old thread to give dodgy advice Jimbling?

ETA: for anyone reading this please be aware that doing this could lead in prosecution.