what is the bankruptcy procedure? please any help?

DesperateMeasures_3

hi, we are new to all this. and after reading some of the threads on here, i think br might be our only option. we are 50k in debt. we have only a small equity of around 20k on our house, but after penalty fees and sale fees, we would be lucky to see anything over 8-10k.the mortgage is 189k, and the house would be sold at an asking price of 115 max and i know there is a lot needing doing to it which the surveyor will pick up on, so no doubt the sale price would end up being just over 200 and that is being realistic.we both own a car each but value is less than 500 for mine and 800 hubbys, but we both work in different parts of the county and i need mine aswell to go to other mod sites quite regular as part of my job. so we couldnt do without both cars.we dont own luxury items, only the usual stuff, lounge furniture (7 yr old) fridge dishwasher, washing machine, the kids have a computer which my parents bought them. I assume OR cant touch the childrens items, can they?????what do OR look for when assessing assets to sell? do they go around with a fine tooth comb, ie items of jewellry etc, not worth much more sentimental etc. we have two dogs, and therefore worried about b eing able to rent somewhere that will take our dogs.i have no idea what is involved and what can be taken from us to sell etc etc etc and also as we have only basic bank accounts, none with overdrafts etc, can they still freeze them as we would need these to live on daily as we do now. there is never an any amounts left over (my husband gets paid weekly and we live weekly). my money pays the mortgage and council tax and then none left.any help with above would be much appreciated.very worried at the moment. not sure where to turn or what we are meant to be looking out for if we went bankrupt.thanks

debt_doctor

Hi, you do need to go to see one of the debt charities forsome advice. On the subject of your belongings you can keep all your normal household goods ( tv s dvd players, computers, furniture, etc etc unless any of them are exeptionally high in value

tight_jock

DesperateMeasures wrote: »

hi, we are new to all this. and after reading some of the threads on here, i think br might be our only option. we are 50k in debt. we have only a small equity of around 20k on our house, but after penalty fees and sale fees, we would be lucky to see anything over 8-10k.the mortgage is 189k, and the house would be sold at an asking price of 115 max and i know there is a lot needing doing to it which the surveyor will pick up on, so no doubt the sale price would end up being just over 200 and that is being realistic.
we both own a car each but value is less than 500 for mine and 800 hubbys, but we both work in different parts of the county and i need mine aswell to go to other mod sites quite regular as part of my job. so we couldnt do
without both cars.
If you both need cars to continue your employment, you should be able to keep them...especially as they are of low value.

we dont own luxury items, only the usual stuff, lounge furniture (7 yr old) fridge dishwasher, washing machine, the kids have a computer which my parents bought them. I assume OR cant touch the childrens items, can they?????

If these items belong to the kids then the OR can`t touch them

what do OR look for when assessing assets to sell? do they go around with a fine tooth comb, ie items of jewellry etc, not worth much more sentimental etc.
It is very, very unlikely that you will get a visit from an OR. I have not seen one case of a visit on here in the year or so since I went BR

we have two dogs, and therefore worried about b eing able to rent somewhere that will take our dogs.i have no idea what is involved and what can be taken from us to sell etc etc etc and also as we have only basic bank accounts, none with overdrafts etc, can they still freeze them as we would need these to live on daily as we do now. there is never an any amounts left over (my husband gets paid weekly and we live weekly). my money pays the mortgage and council tax and then none left.any help with above would be much appreciated.very worried at the moment. not sure where to turn or what we are meant to be looking out for if we went bankrupt.thanks
Depending where you bank and what your status is with them ..ie are they a creditor..it is a possibility that you can keep your account. Most BR open a new account around the time of their hearing. There is a sticky at the top of the board with bank account details which will explain better than I can here

Contact one of the free advice agencies in my sig for professional advice but keep posting on here where you will get support and answers to most of your queries.
Best of luck

:beer:
TJ