Can I sell my assetts to pay for my bankruptcy? I have an old fire which a business offered me "£60 for. But I have put it on ebay and have had an offer of £160, which I need to pay the £510 for bankruptcy
Not sure about this to be honest, but I think the OR would frown on selling any assets prior to declaring bankruptcy, even if you explain it was to finance your BK fees. The way most people, including myself, manage to get the bankruptcy fees together is to stop paying your creditors. Yes, this means you will start getting lots of phone calls from them in the meantime, but to be honest, its better to deal with those calls for a few weeks or a month or 2 and then be able to petition for bankruptcy and get it over and done with.
If the assets aren't worth a lot of money then it shouldn't be a problem as the OR wouldn't be interested in claiming these. Normally any goods above about £500 would be of interest to the OR so if you are selling smaller value goods then it should be ok and I wouldn't bother mentioning it to the OR.
As xmas_baby said people stop paying their creditors for a couple of months in order to save for the fees but if this isn't possible then the sale of low value assets should be fine.
Can I sell my assetts to pay for my bankruptcy?
Posted - 24 June 2009 : 15:30:30
