Bankruptcy and furniture

parrot23

Hi,
Do I put my furniture - tv / sofa down as assets? Is the OR interested in what these cost? Thankyou 

luvchocolate

No don't put Normal household stuff down. Any valuable antiques or art yes. 

parrot23

Thankyou

thevdm

Excluding cars, the OR is only interested in items that you own that are worth over £500. This is at second hand value, so if you bought a new table last year that cost £600, chances are it would be worth considerably less than £500 used. If on the other hand you have some fancy antique sofa that is easily worth over £500 in it's current condition then it should be listed as an asset.

In general most households don't have an individual piece of furniture worth over £500 on the second hand market. If you have an 80" TV that's only a few months old it might be worth over £500 used, if in doubt check previous sales on ebay to get an idea what the value is.

Technically the assets do include things like furniture and household items, although it's highly unlikely that these are worth enough to list.

parrot23

Thanks, tv is relatively new not an 80” however, but still only about 8 months. It is in my wife’s name so am I right to leave this off? 

thevdm

If it belongs to your wife, then it's nothing to do with your bankruptcy.

Other things to note, if you purchased something that has a second hand value of £800, but it was a joint purchase with your wife, then you only own £400 of it so it'd still be under the value needed to list it as an asset.

parrot23

Thankyou very much