Pets & Bankruptcy

chasingsolvency · 19 January 2019 at 8:54PM

I have no real assets except for car which is worth <£1k, probably only about £500/600 ish and is essential for work. *Should* be ok with keeping that?

My main concern is my pets, I have four dogs and a horse which of course cost a significant amount to care for. Can I be forced to sell them? It would break my heart and I really don’t think I could deal with it emotionally.

Please don’t lecture me on spending money out on them, they’re part of my family and came into it way before my money issues arose 😪

donnac2558 · 20 January 2019 at 3:18PM

Never been bankrupt but never ever heard of them making you get rid of any pets.

sourcrates · 20 January 2019 at 3:25PM

I don`t think pets are classed as assets, unless you own a racehorse or the like, you budget for there upkeep, and if its quiried, you just tell them its for your pets.

antrobus · 20 January 2019 at 3:50PM

31.10.18 Bankrupt’s own pet animal

It is highly unlikely that the bankrupt’s own pet animal will have any realisable value, unless it has a good pedigree.

If so, the official receiver should, in the first instance, establish if the bankrupt wishes to introduce a third party to purchase the animal from the estate. The third party should arrange for the valuation, conducted by a registered breeder or other specialist, on which the sale price should be based.

https://www.insolvencydirect.bis.gov.uk/technicalmanual/ch25-36/Chapter31/part10/part1/part1.htm#31.10.18

It's possible that one or more of the OP's four dogs might be a valuable pedigree dog, I'd have thought the issue is more one of expenditure.

31.7.116 Assessing claims for family outgoings such as clothing, laundry, pets, hairdressing, holidays, sundries and emergencies etc.

Other general household expenditure such as hairdressing, family holidays and additional allowances for pet expenses: food, insurance etc. should be considered on an individual basis. No amounts should be included for these types of expenditure where it cannot be evidenced that the expenditure is fulfilling a reasonable domestic need given the particular circumstances of the bankrupt and his/her family.

https://www.insolvencydirect.bis.gov.uk/technicalmanual/ch25-36/Chapter31/part7/part4/part_4.htm

It might well be possible to persuade the OR that the cost of four dogs fulfilled a "reasonable domestic need", but a horse?.

I don't believe that a bankrupt can afford to keep a horse.

Annie35 · 20 January 2019 at 4:21PM

I was waiting to see replies for this, I agree the horse could be a sticking point. I'd maybe think you'd be capped how much allowance you are given for pets & it would be up to you if you could work with that amount or not. I don't believe they can force you to sell unless there's a financial gain (£2k pony for instance is an asset) but if they only allow £50pm or whatever will it be enough?

I guess it depends if it's a showpony or an old plod living out how much it costs you to keep.

Fill in your soa with maximum you can get away with for your food & lifestyle then number crunch what your actually allowed.

antrobus · 20 January 2019 at 4:37PM

Cost Of Owning A Horse
http://www.equineworld.co.uk/buying-loaning-selling-horses/buying-a-horse/cost-of-owning-a-horse

TheGardener · 20 January 2019 at 5:38PM

The dogs I reckon will be ok unless you feed them all fresh meat at some significant cost or have very high vet bills.
The horse is a different matter - its not just feeding is it - its tack, vets, stabling, grazing rent, insurance...?

If you have good quality tack - saddles etc, they may well be seen as an asset anyway.

If you are in so much debt that you need to consider BR - the chances are you can not afford the overheads of keeping a horse. You may need to sit down and think long and hard about this although I don't doubt you would be distressed at the though of parting with it - the truth is we can't have what we can't afford.

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