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emma.l
Junior Member
174 Posts |
 Posted - 06 April 2008 : 10:21:47
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I have an IVA i will not be able to continue with, if I fail and claim bankruptcy, what assests can be taken from me?
I rent, have 2 kids - one disabled, my husband has his own business and his van and my car I use for work are in his name.....
Can things like tellys and my childrens game soles be taken?
I look forward to your response.
Thank you
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 April 2008 : 13:12:15
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Hi Emma and welcome to the forum
Your usual domestic assets will be exempt from bankruptcy proceedings, so unless you have any assets of material value you will be safe.
Can I ask why you are unable to continue with your IVA payments, and which IP firm you are using?
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 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 06 April 2008 : 14:38:16
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As Melanie says normal domestic items are safe in BR. I declared my laptop on my forms and the OR never even mentioned it.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of. |
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emma.l
Junior Member
174 Posts |
Posted - 06 April 2008 : 16:10:35
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Hi Melanie,
Thank you for your reply.
I have had an IVA for 2 years now (after paying Gregory Pennington for 2 years) and when I got my new job last year, it was lowered to the 'minimum' amount they would accept of £230 a month. It was also extended 1 more year (becoming 6 years total) because I had to get another car to travel to work and understood this.
Also, my husband was suppose to earn £80 a week so he could care for our son (carer's allowance), but his self employment did not earn him that much and we have not had that income either. We did not tell our IVA about the carer's allowance as knew he probably wouldn't earn what he was hoping to.
The Working Family Tax Credit, gave me £172 per week last year, but from this coming Thursday have reduced it to £91 - that is MORE than my IVA payment alone! Not bearing in mind price increases of water, electric, gas, council tax etc.
When you say normal domestic assests, does someone come round to see how many tellys, computers and game soles you have? I am worried
about my son's things being taken and sold, which wouldn't mount up to what they cost and they were presents.
Also, do you have include child maintenance if it is not done through the court and has not always been a maintained payment?
I am currently with Freeman Jones.
I look forward to your response and thank you for your time.
This is a very unsettling, embarrassing, scary time for us.
Emma |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 06 April 2008 : 16:20:30
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Hi Emma, no-one will come to your house to see what you have - the OR relies on what you declare on your BR forms. In any case, the only assets they are interested in are those of the person going BR, so your childrens things are safe - you wouldn't need to declare them on the forms. In my case, we have a plasma TV. This was bought by my partner so I didn't mention it on the forms.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 April 2008 : 20:33:17
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Hi Emma
With such uncertaintly as to your earnings it does seem that bankruptcy proceedings will give you a fresh start free of your debt. You will need to declare child maintenance as part of your income, but make sure that the OR is informed that this is not paid regularly and should not be relied upon.
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 |
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emma.l
Junior Member
174 Posts |
Posted - 08 April 2008 : 11:55:41
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Hi Melanie
Thanks for that.
Who is the OR everyone keeps talking about? Do they investigate all the income you have like carer's allowance etc?
My husband is self employed, is it worth doing is accounts asap to prove he did not earn what was expected last year?
How long does an IVA need to fail before anyone can claim bankruptcy? 3 months?
My IVA consultant is not calling me till 18th April as he is away, and I am confused.
Thanks for your time.
Emma |
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melanie_giles
Senior Member
1191 Posts |
Posted - 08 April 2008 : 21:36:48
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Sorry Emma - the OR is the Official Receiver who will act as your Trustee in bankruptcy.
Personally I would not bother doing accounts now, but your husband will need to hand over his books and records for the business if he is going to declare bankrutpcy.
Once an IVA has failed, and the supervisor has ceased to act, any creditor can petition for your bankrutpcy at any time. Can't you speak to your IP directly before 18 April?
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 |
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emma.l
Junior Member
174 Posts |
Posted - 14 April 2008 : 09:37:18
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No, I can't speak to him till end of this week!
It's just me going bankdrupt, as the IVA is in my name only.
Do they still require his accounts as he has actually made a loss in his first year, briefly look at it.
By you saying a company can start bankruptcy, is that better or for me to do it myself?
Thanks for your help and support.
Emma |
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melanie_giles
Senior Member
1191 Posts |
Posted - 14 April 2008 : 09:47:34
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I cannot see that the OR will need to see your husband's account if he is not going to be bankrupt personally. And you would be better to start bankruptcy proceedings yourself, unless your IVA provides for the Supervisor to do this upon failure and he has funds sufficient to pay for the costs.
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 |
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emma.l
Junior Member
174 Posts |
Posted - 14 April 2008 : 16:47:42
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Ok thank you.
It's just they consider his income to do my IVA, so I didn't know if it was considered the bankruptcy, meaning his income is taken into account?
So confusing!!! |
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bhafc87
Junior Member
United Kingdom
172 Posts |
Posted - 14 April 2008 : 17:32:08
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Hi everyone,
I am considering bankruptcy myself and I am currently considering the same question as the original poster. I wonder if someone can answer some specifics on the same matter:
1) I am married and it is only me going bankrupt and not my wife. Will her items be at risk?
2) What is (if any) the burden of proof.what if she cant prove these items are hers?
3)If we have a new ish TV, can they take this?
4) We have a couple of new consoles, for use by me and the children. Can they take these?
5) I collect old consoles as well. I have over 20. They are of little value to most people. But to collectors the total sale price could expect to hit just over £1,000. But only collectors would know this. Can they take these even though they are old.
6) What is the official criteria in lamens terms on what these people can list as assets?
7) Will someone come to the house to check, and if so to what extent will they check? Will they go into the loft etc or look in draws etc..
Thank you!
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 14 April 2008 : 17:51:34
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quote:
Originally posted by bhafc87
Hi everyone,
I am considering bankruptcy myself and I am currently considering the same question as the original poster. I wonder if someone can answer some specifics on the same matter:
1) I am married and it is only me going bankrupt and not my wife. Will her items be at risk?
2) What is (if any) the burden of proof.what if she cant prove these items are hers?
3)If we have a new ish TV, can they take this?
4) We have a couple of new consoles, for use by me and the children. Can they take these?
5) I collect old consoles as well. I have over 20. They are of little value to most people. But to collectors the total sale price could expect to hit just over £1,000. But only collectors would know this. Can they take these even though they are old.
6) What is the official criteria in lamens terms on what these people can list as assets?
7) Will someone come to the house to check, and if so to what extent will they check? Will they go into the loft etc or look in draws etc..
Thank you!
Hi,
Welcome to the forum
1. Items that your wife owns will be safe.
2. The OR will go on what you enter as your assets so if the items don't belong to you don't put them down.
3. Even though the TV is newish it would unlikely be taken and sold as the OR would have to pay the costs of collection, the costs of testing electrical equipment, and then sell it via auction so the fees for that as well, the likelihood is the sale value would not cover all these costs, but it would depend on the type of TV and how you purchased it, it has been known for the OR to take large plasma TV’s that were purchased shortly prior to Bankruptcy via credit card or unsecured finance not for the resale value, but to make a statement.
4.I would not worry about these as the same rules as above applies.
5.Any goods resold by the OR/Trustee in Bankruptcy would likely go to auction so you must value your assets as what is known as Forced Sale price, on this basis I would not worry about these items.
6.Items such as above and your furnishings would come under general household goods for which I would add up the value as a whole and base the figure around 10% of what you calculate it to be.
7. NO!!!
I hope this helps.
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bhafc87
Junior Member
United Kingdom
172 Posts |
Posted - 14 April 2008 : 18:43:23
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It certainly does help so thank you for those answers, but it does raise another question.
What exactly do they list as assets? or rather more to the point what can they take?
I assume its anything that is owned by the person going bankrupt and that is of value. Which makes sense but then I thought a new TV would be of value. Can you give some examples of what could be taken? |
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bhafc87
Junior Member
United Kingdom
172 Posts |
Posted - 14 April 2008 : 18:47:33
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Sorry just one more...
You say that people wont come to the house and check through things.
Is it not the case any more that someone will visit your house?
In my case (through your answers) it would appear I have no assets as I moved in with my wife and nearly everything was hers. Would they not be suspicious of that and come round...
How does it work?
Thanks |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 14 April 2008 : 18:49:06
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Normally they would look at assts over £1000 in value due to the costs involved in collection and selling.
Vehicles and property are the most common, however if you have antiques, paintings or jewelry in excess of the above then this would likely be sold.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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what assests can be taken from me i
