will I lose my bike

james72

Hi,

If I go into bankruptcy will I lose my 'push' bike?

It cost £420 - £470 about three years ago

I think it should get around £200 on eBay [asking price second hand]

I use it to visit people some 20-30 miles away - it's an off road bike - so getting another bike would cost at least the same amount [2nd hand] that can work for this sort of journey

Do I have any options [?] or should I expect to lose it?

Thanks for any help/advice
 

sourcrates

Hi,
I think you mis-understand the bankruptcy process, you won`t lose your push bike, assets to be realized in bankruptcy would include high value assets such as antiques, paintings, expensive jewelry, or a vehicle worth more than £1000.
Your bike is worth sub £1000, so you don`t even mention it.

james72

Thanks

What happens if I do mention it... as I had to give a long statement [4 hours] and she had a massive conversation about the bike. I though it was £500 or more [if sold second hand] so I didn't worry about mentioning it. She grilled me about prints in frames - that I am sure are worth about £20 each] but the bike she went on and on about... and I am now worried... 

So is it a case it should be only for things that are worth MORE than £1,000 [not the £500 I thought?] and that is the second hand for sale price???? 

But if the trustee wants to - can s/he ignore that and try to sell it anyway - and you'll have to take him/her to court? I mean it's obvious the bike is well less than £1000 second hand... it's less than that new

Thanks for your help

james72

'She' was not the trustee in B - but the government insolvency agency person - sorry for my ignorance

sourcrates

Its a push bike you use for work, no need to tell anyone about it, your interview is on the phone, no one comes and physically checks what you have, they don`t need to know its value, if they ask, say £100 quid, end of problem.

james72

Ok

So as I said - I have already gone in and said the truth [cost over £400] gets about £200 on eBay

Is there anyway to correct the 'ship' now. I haven't yet signed the interview statement - waiting for it to be sent to me

Is it too late now

Thanks

sourcrates

james72 said:

Ok

So as I said - I have already gone in and said the truth [cost over £400] gets about £200 on eBay

Is there anyway to correct the 'ship' now. I haven't yet signed the interview statement - waiting for it to be sent to me

Is it too late now

Thanks

Yes it is now, but i very much doubt they will make you sell it, say you need it for work.

james72

It is crazy as it will cost me more or the same to buy a potentially worst [less loved] bike - gah

Thanks

luvchocolate

I am sure you will not have a problem with this, I kept my car valued at £1500 a necessity for work