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Brassic
Starting Member
6 Posts |
 Posted - 04 April 2009 : 23:16:48
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Hi all, am new here and would like some advice...
Basically, my story kind of goes back about 6 years with a credit card. I had to pay for legal fees while trying to sort my late father's estate, which ultimately ended up being absolutely fruitless - I have certainly not seen any money back from that. Then my marriage started to fail in 2004 - we had two kids, and to cut a long story short, I ended up doing my very best for them, paying for everything in our rented home while working, while the ex was basically living at home and contributing nothing. More use of both of my credit cards for living expenses. In 2007 I was made redundant - the company was moving offices and I couldn't go with them, basically as I was the kids' primary carer and I didn't want the kids spending the vast majority of their time with a day-carer and only about 30 minutes a day with me! I did land a couple of temporary roles, however. In 2008 the ex and I finally got divorced and she finally moved out of the rented home. So the last few years have been quite stressful, to say the least, and in that time I was trying to support everyone as best I could. It took its toll, and finances unfortunately took a back seat. It's only now that I feel better able to deal with things.
First question is, is that likely to be valid enough reasons for declaring bankruptcy without having a BRO thrown at me? It's all true and I'm pretty sure I can back it all up with medical evidence (my GP reports, etc)
Secondly, I'm also a musician, and as a result I have some musical gear. I don't think there is a single item that would be worth more than about £500, and certainly none that are more than £1k. Do I need to declare these on the forms? Or would I be better off declaring them along with a their vocational use? (I have produced my own CD, of which I have stocks, which I was hoping I could use to reduce my debt, but sadly that just hasn't happened...)
And what about my other assets? Do I need to declare my TV, laptop, PC, etc? TV can be picked up on ebay for £220 (even if it IS an LCD TV), laptop probably about £175, and the PC is worth no more than £50-£60 (maybe £150 with the soundcard) at current rates...
Lastly (sorry to go on!), my car. While I am unemployed, if I take the kids to see their mum once a week, it would take at least 90 minutes each way and cost in the region of £15 a time. Plus I need it to help my mum out - she had a heart attack recently I and I liek to help when I can, with lifts to various appointments, etc. It's a 15 yr old BMW 3 series, which is not exactly in the best of condition, and probably not worth much more than £600 at auction...
Any thoughts, anyone? Would I even qualify for a Debt Relief Order? Could the musical gear and PC be exempt from the asset list due to it's vocational use, and the TV be classed as a standard household item? (I'm thinking about the £300 personal assets here, and my debt is at about £12k...)
Thanks
PS What's the OR like in Reading? Does anybody know? |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 05 April 2009 : 09:02:27
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The new rules in BR apply to under £15000 debt which it looks like will apply to you.
Your TV and other stuff eg. PC etc will be fine.
The car may not be and might require a small payment to the OR to buy the interest in it.
The musical instruments could be classed as tools of the trade so the OR may leave them to allow you to gain work with them, the same could apply with the car as well if you are actively seeking work.
You may want to contact one of the experts like Paul Johns at Reviva, he has had dealings with Reading OR, through the link on the left hand side of the page to clarify and confirm your individual case
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 05 April 2009 : 09:03:34
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Oh i almost forgot !!!!
Welcome to the forum!!!!
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
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Brassic
Starting Member
6 Posts |
Posted - 05 April 2009 : 10:21:51
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Thanks for the reply, Dave.
When you say the TV, PC, etc will be fine, are you saying that there's no need to list them on the forms? And is the reason for the BR a valid one? Obviously, this is all new to me and (if I'm honest) more than a little daunting... as it should be, I guess! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 05 April 2009 : 10:36:46
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The new DRO comes into effect tomorrow. The CAB will be one of the main people administering it.
Why don't you either go down to see them or give them a ring to see if it is right for you?
Take a look at this link from the Insolvency Service@
http://www.insolvency.gov.uk/bankruptcy/alternativestobankruptcy.htm
The glimmer gets brighter all the time
Jan
xx |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 05 April 2009 : 15:47:37
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i'm reasonably sure that the TV PC etc will just be classed as household furniture etc, ie. low value stuff not 48" plasma screens!!
Redundancy and lack of income seems a reasonable enough reason for BR to me ,if anyone disagrees i'm sure they will say.
If you are lucky you will be near a helpful CAB if your'e not sure or not happy with them try an expert, i personally found it worth it for the peace of mind.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
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John
New Member
United Kingdom
73 Posts |
Posted - 05 April 2009 : 19:37:47
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Hi
1) I can't see a reason from the information you have posted to warrant a BRU/BRO.
2)I don't see that the musical gear are tools of trade as such. If I decide to carry out a little gardening on the odd weekend (no chance of that) to supplement my income occasionally, does that make my lawn mower, fork and shovel a tool of my trade? I don't believe so. And as no single item is of high value then in my view none need to be declared.
3) No household items are at risk in bankruptcy.
4) The car could be at risk. There are the reasons you have listed to argue against the OR claiming the vehicle plus one or two you have not mentioned. The school run, if you use your car for that purpose, and perhaps, most importantly, your need for the vehicle in your attempts to find employment.
In view of the value of the vehicle it may be that these arguements are sufficient to exempt it or at worst require you to pay a modest sum to the OR in order to retain it.
John White
England Jackman & Spacey |
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Brassic
Starting Member
6 Posts |
Posted - 05 April 2009 : 20:26:11
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Thanks very much, John, and everyone else too. Point 2 is the one I wanted clarification on - you've probably seen dozens of cases like this before, and if none of my gear needs to be declared, it makes it a lot easier to bear... (been playing almost 30 years and I now can't imagine life without a guitar or two!)
I WILL need the car for the school run when/if I find work and when my eldest changes school, which admittedly isn't going to be this year...
Thanks again!
Is that a light at the end of the tunnel? Or just the front of an oncoming train?! |
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