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Darren.25
Starting Member
2 Posts |
 Posted - 20 June 2010 : 12:53:48
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| What are considered as assets when filing for bankruptcy? I rent a flat with my wife and just own the contents tv,sofa,beds etc |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 20 June 2010 : 13:22:01
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| The OR won't be interested in household contents worth less than about £1k so unless the TV is a plasma TV and then sofa is brand new and very expensive then don't bother putting the items on the BR forms. |
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debtinfo
forum expert
2826 Posts |
Posted - 20 June 2010 : 14:17:18
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Generally everything you own are considered assets. But as getting out of debt says any reasonable domestic goods will be exempted by the OR. The £1k thing is not the law just a general rule of thumb that has been used and only applies to domestic goods, ie if you had say £50 of premium bonds they would be taken because they are financial items not domestic goods.
What you put on the SOA is only for the information for the OR and does not necessariy mean they will be taken (the Truste will decide that later).
If in any doubt then list them as the law says that you should declare all assets, but i wouldnt worry about them |
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Darren.25
Starting Member
2 Posts |
Posted - 20 June 2010 : 18:25:48
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Thankyou for your assistance.I am in the process of applying for an Iva but am just wondering if i am doing the right thing?
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 June 2010 : 19:08:15
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Debtinfo, I was allowed to keep my Premium Bonds if my partner wrote a cheque for the value. Is this unusual, as I keep seeing it mentioned that the OR will take them as assets, no matter how low the value?
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
35 IPA payments made, 1 to go - 9 days and counting! |
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debtinfo
forum expert
2826 Posts |
Posted - 20 June 2010 : 19:12:34
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| Sorry, when i say the OR will take them, what i mean is that they are able to be taken, like all assets if you pay what they are worth the OR will let you keep them as the OR is really only interested in the value not the actual item itsself |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 June 2010 : 19:44:35
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Thanks Debtinfo. I was surprised when I could keep mine as I read on another forum about someone having to surrender £2 of Premium Bonds!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
35 IPA payments made, 1 to go - 8 days and counting! |
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debtinfo
forum expert
2826 Posts |
Posted - 20 June 2010 : 20:02:39
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| Generally the OR will take them as it is the easiest thing to do, They have to write and check for any outstanding prizes and also to see if they are the only ones you have anyway so it is easier for them if they stick in the same letter to sell them. But i have known cases where they have let the bankrupt keep them and just taken the money, particularly in sentimental cases, often they are bought when someone s born so for instance i saw a case where the bankrupt had just £1 but had the original bond from something like 50 years ago |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 June 2010 : 20:46:53
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That could be why I was allowed to keep mine - they were given to me when I was born by a very close family friend who died shortly before I went BR.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
35 IPA payments made, 1 to go - 8 days and counting! |
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debtinfo
forum expert
2826 Posts |
Posted - 20 June 2010 : 20:52:57
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I wonder if you were sentimentaly atteched to your 15 bedroom mansion, would they let you keep it. Worth a try  |
Edited by - debtinfo on 20 June 2010 20:53:49 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 June 2010 : 20:59:34
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I was sentimentally attached to the Van Gogh and Picasso, but they didn't seem to understand!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
35 IPA payments made, 1 to go - 8 days and counting! |
Edited by - Skippy on 20 June 2010 21:00:37 |
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Jane.l
Average Member
511 Posts |
Posted - 21 June 2010 : 08:38:39
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I had to hand over my £15 Premium Bonds, I was bought these when I was born, but I was not too bothered about giving them up, they mean nothing to me. But I was alllowed to keep my £400 private number plate, go figure |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 21 June 2010 : 09:32:59
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I once had a client who'd owned £10 of premium bonds for about 15 years and never won anything - 3 months after going bankrupt they won £500 - if the client had been quicker in responding to our correspondence we'd have cashed them in prior to the win
I've known some trustee's keep hold of them until applying for release just in case
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 June 2010 : 14:24:10
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household furniture and personal belonging (less than £500 individual value) are generally put together on the SOA and listed as a total value.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 June 2010 : 15:05:39
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As mentioned in the other posts the £500 figure is not set in stone.
Although I've only got £12 of premium bonds I was glad to be able to keep them - one day I might win something!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
35 IPA payments made, 1 to go - 7 days and counting! |
Edited by - Skippy on 21 June 2010 15:06:40 |
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What are considered as assets when filing for BR?
