I have a shotgun (legitmately) which I bought several years ago for about £1300. A dealer will pay me the market price for a cash sale of £800 today, which I could use towards the BR fee and living expenses. The replacement cost new would be be about £1800. Is this an asset which I need to declare or should I sell it before monday and spend the cash (and declare it). I would ideally like to keeep the gun and could potentially earn income using it to manage land, although this is not something I have actually done before as a profession. Should I declare it at all / as a tool etc. (my unsecured debts are credit cards & loans around £40,000)
The weapon is an asset which should be declared on your statement of affairs. I cannot see any justification for it being retained as a tool of the trade, as it is not being used for such purpose at present. Only you can decide whether an early sale, and then using the money to pay for your bankruptcy application at an earlier stage is a wise move.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
Is my shotgun an asset which I need to declare?
Posted - 11 July 2008 : 21:53:54
