Recomended for Bankruptcy

chriscousins

Hi All.
The wife today had our annual review with CCCS regarding our debts.
We have been advised to consider Bankruptcy, and the forms and information is on its way in the post.
I've read many posts and the advice has been well received and a help.
I am married with 2 young children 5 and 2
I work and earn £21K. The wife stays home to look after youngest.

Total Debts owed (shown on latest CCCS statement) £31,594

Currently paying £50 per month towards debts.

We live in council rented accomodation.
I drive a 8 year old car worth about £1500 which I need for work (50 mile round trip)
Is my car at risk?

Also, we were bought a 37" LCD TV for xmad present by the wifes mum. Can this be taken?

Any help and advice, comments etc are welcome.

backontheup

If you have no reciept for the TV on any of the credit cards - how are they to know you have it? Plus, no-one is sent round to the house to collect stuff. Plus, its second hand value is not likely to be more than £1000? (need to check - I know my OH paid £1300 for his LCD television about 18 months ago, and we reckon that it is worth about £600 now)

You will be fine on the car - its anything up to about £2000.

Lizzibuff

chriscousins wrote: »

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Also, we were bought a 37" LCD TV for xmad present by the wifes mum. Can this be taken?

If your wife's mum bought the TV then technically she owns it!

fermi

The TV will be fine. Arguably you don't own it, and it's not worth enough to be even mentioned on the BR forms anyway.

With the car you will need to prepare a case for the OR (in case they need it) as to why the car is essential for your domestic needs and not just convenient. As long as you can provide a convincing argument, then a car of that value should be safe.

See: http://bankruptcy.informe.com/cars-and-bankruptcy-dt72.html