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| T O P I C R E V I E W |
| Cakietin |
Posted - 04 May 2008 : 12:10:26
Hi everyone.
We are thinking of going bankrupt and have a few questions.
Firstly, we have our bank account with the Halifax. We owe them money for a personal loan, credit card and our overdraft. We use our account for receipt of our benefits, as well as paying direct debits for power, water, gas etc. My question is: Should we open an account with another bank (like the Co-op) now and transfer all of payments and credits to it prior to going bankrupt? Will a basic
Co-op account allow us to pay our direct debits?
Secondly, we don't have any spare cash to pay for the cost of going bankrupt at the moment. Should we stop paying our creditors and use this money to cover the costs? If we do this and our creditors start chasing us do we just tell them we are going bankrupt?
Thirdly, my husband is worried about our personal assets. We rent so I'm not worried about our house, but he is very concerned about his camera equipment. He has quite a few lenses as well as some digital cameras. No one particular camera is worth over £1000 but in total the whole lot would be. He is very worried about losing this equipment. Would he? We also have a Wii and an MP3 player each. Would we have to declare things like this? They aren't worth thousands but in total it does add up.
Thanks to anyone who can help me with this.
Amanda |
| 9 L A T E S T R E P L I E S (Newest First) |
| Cakietin |
Posted - 06 May 2008 : 21:16:13
Thanks for clarifying this Julian. I thought the same thing myself. The cameras are not new and I wouldn't think they would be worth a lot if we tried to sell them ourselves. They are worth more to my husband for sentimental reasons. |
| JulianDonnelly |
Posted - 06 May 2008 : 14:01:38
Hi Caketin,
What you need to remember is to value his camera equipment as if it were being sold in at auction,
You may well find that equipment that cost £1000 would only have a resale value of £100.
If you add this together with your general household items then you may find that all your furnishings and equipment only add up to around £1000. If this is the case they would likely have no interest in these items.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Cakietin |
Posted - 06 May 2008 : 13:30:39
Thanks to everyone who responded to my question. It seems to be that honesty is the best policy in this case. I will talk it over with hubby. He isn't so keen on going bankrupt if it means losing all of his possessions. I think someone told him that we would be "asset stripped" and he panicked. I have done a mental assessment of our personal assets and can't see much that they would take so I will try to talk him around.
Thanks again :)
Amanda |
| Skippy |
Posted - 06 May 2008 : 10:57:40
Whatever you do please don't try and hide assets from the OR! If they find out they will investigate your affairs with a fine tooth comb. It can also lead to a restriction order, and if the OR isn't satisfied within 12 months they can suspend your discharge.
Now I'm not trying to scare anyone, just trying to make the point that it really isn't worth trying to get one over on the OR!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| m and v |
Posted - 06 May 2008 : 07:50:20
Hi Cakietin, you need to be able to answer any questions the OR throws at you about the asset listed or item on a credit card/bank statement. If there is nothing on there of any great concern in the last 12 months then I wouldn't list it. Just be aware that if they uncover one thing and it becomes clear you have "fibbed" they will look into everything!
I am lucky in as much as I have been in an IVA for two years and have no statements of any sort to show the OR!
Vicki x |
| storm |
Posted - 05 May 2008 : 11:03:31
True Chris, What about cash convertor and cash generator??? sell to them they keep it safe for you for 28 days and you have the buy back option also before the 28th day you have the option to pay for them to keep the items longer. If you show that the money you got for them from either company went to paying something surely that is another way around?? |
| storm |
Posted - 05 May 2008 : 10:43:20
Just a suggestion as its something that normally happens with people getting divorced, why not sell all the camera equipment to a member of the family for 2p and write out two receipts and have them signed and witnessed, but keep the equipment obviously. Sounds stupid I know but it could be a possible way to keep the camera equipment |
| Cakietin |
Posted - 04 May 2008 : 18:17:19
Hi Julian
Thanks for the advice. We receive benefits so cannot have an IVA.
Some of the camera equipment was paid with a credit card but it was over 12 months ago. Will other items be assessed the same way? IE if they were paid with a credit card, they may be taken?
Thanks,
Amanda |
| JulianDonnelly |
Posted - 04 May 2008 : 17:46:42
.Hi Caketin,
Welcome to the forum,
You will loose your account with the Halifax so yes it would be advisable to open the Co-Op account, and yes you will be able to run your direct debits through this account.
If you are going Bankrupt there is little point paying you monthly payments to the creditors if this is truly your chosen course of action, however if your are meeting minimum payments at the moment have your considered an IVA it may be worth discussing this with one of the experts.
The camera equipment could be at risk, was the equipment paid for by credit card?
If so it could be taken as this has been known in the past, even though there would be little value in the resale of these items
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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