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year 2029
Average Member
590 Posts |
 Posted - 07 June 2012 : 18:31:29
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And just to add, although extreme, it wouldn't be acceptable to sell an asset usually exempt as part of your household, if it was a painting of high value, or any other asset that held an unusually high value.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 07 June 2012 : 18:35:26
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I doubt the majority of us have anything worth a lot - I sell loads of stuff on Ebay, none of it worth much.
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Make your dreams come true
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'Cause there's no one like you in the universe
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 07 June 2012 : 23:21:52
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But surely any assets of high value would be part of the BR estate and therefore wouldn't be available to sell...
View my blog at http://skippy13.blogs.iva.co.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.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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year 2029
Average Member
590 Posts |
Posted - 08 June 2012 : 00:42:23
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You'd have to be honest and declare it initially.
A huge range cooker worth £6000, could easily be sold for a second hand cooker.
Each case judged individually.
Just pointing out the extremes is all.
;-)
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 June 2012 : 07:53:35
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We have a range cooker and no way would I sell that - I'd have the problem of a kitchen with a very large gap and no way of affording anything to go in it.
We also have a very expensive electric bed (bought because of hubby's medical problems), would we be expected to sell that as well?
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 08 June 2012 : 18:03:24
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Its the duty of the OR to realise as much as possible.
I'm sure the OR wouldn't want you without a bed? I'm surprised you've asked that.
Maybe we can get back on topic.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 June 2012 : 18:33:49
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Year2029, you are saying that high value assets should be sold and Niobe has used a high value bed as an example. Using your logic this should be sold and replaced with a cheaper bed.
Anyone who is unsure whether they should declare an asset needs to confirm with the OR.
View my blog at http://skippy13.blogs.iva.co.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.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 June 2012 : 18:52:55
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Thank you Skippy -I was merely pointing out that I have some very expensive stuff in my house and, if I had to go bankrupt, there is no way I would get rid of them.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 08 June 2012 : 19:16:13
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I actually said that they should be declared.
It would be the decision for the OR to make not an individual.
Everything would be dealt with on an individual basis. niobes' example I guess would be dealt with favourably as it has medical implications, HOWEVER, if you had a bed that was worth (for whatever reason) a substantial amount, then it could be sold for a cheaper model.
That is infact how vehicles are dealt with, its just that its not the norm for hugely expensive items within a household.
It should also be remembered that millionaires with expensive houses and belongings do go bankrupt too.
The OR has duties and rules to comply with.
Back on topic if we can?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 June 2012 : 20:13:45
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And some of those millionaires that go bankrupt are still living the high life and stil on the register!!
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 08 June 2012 : 22:05:26
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Maybe so,
But we're drifting off topic.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 June 2012 : 22:24:27
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I don't think we are - you are the one who suggested selling assets. I would not sell any of my household goods - and BR is always on the horizon for us.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 08 June 2012 : 22:37:03
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Niobe.
You need to re read my posts. I haven't suggested selling assets. I did point out some of the rules that the OR will follow.
As for your statement 'I would not sell any of my household goods', that is slightly naive.
Under BR, your estate is the property of the OR until they release it back to you.
If it is deemed that you have items of unusually significant value, the OR can sell these items.
If you wish for me to provide a link to that ruling, please let me know.
I didn't realise that BR was on the horizon for you ( I wouldn't wish it on anyone, but I'm glad I went through with it ), I thought you were on an IVA.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 June 2012 : 08:04:28
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BR isn't on the horizon as such, I'm over four years into an IVA but as our circumstances are changing at the moment it could be a possibility in the future.
As to possessions - I doubt we would get much for our cooker as it is six years old, the bed is even older so would be unlikely to fetch much.
I was just pointing out that I wouldn't be selling any of my furniture if I did go bankrupt!!
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 09 June 2012 : 12:40:24
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Your post might've been misconstrued by others reading, as you made a statement that you would not sell any items.
I was merely pointing out, that under BR what the rules are.
Glad to hear you aren't for BR. Lets hope it stays that way for you.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Topic |
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What will happen to my house ? No equity, might be a shortfall
