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ben101
Junior Member
United Kingdom
177 Posts |
 Posted - 16 August 2008 : 14:24:26
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Hi,
I would appreciate some advise on declaring assets to your OR. I don't own any assets which I consider a big value.
I own a bicycle (£550), laptop (£800), golf clubs(£400), guitar(£250) various cooking utensils etc.
Would I need to declare these items? would I loose any of these? I sometime use the bicycle for commuting but that is limited to once a week. I do use the laptop for work as I am in the IT industry.
My wife owns all the other assets i.e.. two tv's, leather sofas, dinning room table, other electrical appliances. We are going through a divorce and she has moved out, I am only storing these items for her in our rented accomodation untill she finds a place big enough to take it all. Do I therefore need to disclose all these items too? Would they have a right to take these items?
I was also advised by my IP to open a new bank account when starting an IVA process if I am overdrawn(£4200) on my current bank account which I did. I waited until I got paid and withdrew my whole salary even though I was overdrawn.
I opened a new account a month and a half ago with a new bank whom gave me an automatic £500 overdraft. I have been using this overdraft the past month and a half to cover living expenses and I am currently overdrawn. My salary has been going into this new account for one month only.
Would my OR see this in bad light if I declare bankruptcy? If I wait until the end of the month for my salary to go in and withdraw it all I would be £500 overdrawn. Would this go down badly?
Many Thanks,
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 16 August 2008 : 16:47:50
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Are these values the cost of the items new, or the second hand values? Don't forget items depreciate in value.
I would list your laptop as one of the tools of your trade.
The OR won't be interested in anything belonging to your wife so there is no need to declare them. My OH bought our TV and sofa so I never mentioned them.
One of the experts will be along soon to answer your questions about your bank account.
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/ |
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ben101
Junior Member
United Kingdom
177 Posts |
Posted - 16 August 2008 : 17:00:33
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Hi,
Thanks for the reply. Yes these are the prices of the items when bought new.
Regards, |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 August 2008 : 17:09:07
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Hi
so technically, through the overdraft on the new account which is 6 weeks old, you have increased your debt to the tune of £500.
I would suggest you clear the overdraft before bankruptcy or delay filing the petition.
Increasing debt and going bankrupt very soon after is not something I would recommend.
It's not the amount that matters, it's the apparent intent.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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ben101
Junior Member
United Kingdom
177 Posts |
Posted - 16 August 2008 : 18:05:00
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Thanks John,
Would they not want to know where I got the money from clearing the OD?
It would probably take another couple of months to clear it down.
I would have to try and keep the creditors at bay.
Regards, |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 August 2008 : 18:10:54
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Hi
clearing the overdraft could technically be deemed preferential treatment. However, for this amount if you were to do so I would doubt it and either way a preferable situation to a possible misconduct claim by the OR.
That said, payment of the overdraft obviously would need to come from you own income or money introduced by a 3rd party, as long as it's not through other credit.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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ben101
Junior Member
United Kingdom
177 Posts |
Posted - 16 August 2008 : 18:28:25
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Hi John,
So are you saying either way if I pay the OD or not pay it it could still be a misconduct claim against me?
Regards, |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 August 2008 : 18:46:16
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Hi
no, it could be if you leave it as is and go BR anytime soon. If you settle it preferential treatment is not the same, or as serious, as misconduct.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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ben101
Junior Member
United Kingdom
177 Posts |
Posted - 16 August 2008 : 19:03:25
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| ok understood. Thanks again for all your help John. |
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Topic |
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Assets and Overdraft
