Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By H
#7551 I apologsie if these questions have been answered fully before...Im going bankrupt next week (returning to UK fom US to do so). In terms of assets I have no car, no house, no fancy plasma etc. I do have some jewellry, a nice watch that was a b-day present from my parents 12 years ago, my grandmothers engagement ring, rings and a few things given to me by my exhusbad etc. Between them they are probably worth over GBP5000. The watch and ring from my grandmotehr i could never give up - my parents would kill me. Do I have to declare these as assets??

Secondly i received a small bonus in jan this year from my job....at the tiem I was still trying to pay back my debts each month and used this cash to catch up on my rent which was a bit behind....I havent paid anything to my debts since feb as I was planning to do IVA so was told to hold off...will the OR try to get this money back from my landlord to cover my debts?? Can he?? In addition my rental agreement is signed up for another 12 months - this is the norm in US. I think what I pay is average for NY - but can the OR think its excessive, force me to get out of my contract (at a cost - and even then not sure if its possible) and move soemwhere cheaper? My income is 3000 a month, rent is 1300 and I will have an excess of 800 each month...

Lastly re my creditors they continue to wrire to me but so far just asking for money or issuing default letters. Yesterday I received a letter from a collection agent acting for First Direct. Does this mean First Direct have sold my debt - in which case who do I name on the Bankruptcy?

Thanks v much for any help you can give me....
ByDavidc
#7553
H wrote:I apologsie if these questions have been answered fully before...Im going bankrupt next week (returning to UK fom US to do so). In terms of assets I have no car, no house, no fancy plasma etc. I do have some jewellry, a nice watch that was a b-day present from my parents 12 years ago, my grandmothers engagement ring, rings and a few things given to me by my exhusbad etc. Between them they are probably worth over GBP5000. The watch and ring from my grandmotehr i could never give up - my parents would kill me. Do I have to declare these as assets??

Secondly i received a small bonus in jan this year from my job....at the tiem I was still trying to pay back my debts each month and used this cash to catch up on my rent which was a bit behind....I havent paid anything to my debts since feb as I was planning to do IVA so was told to hold off...will the OR try to get this money back from my landlord to cover my debts?? Can he?? In addition my rental agreement is signed up for another 12 months - this is the norm in US. I think what I pay is average for NY - but can the OR think its excessive, force me to get out of my contract (at a cost - and even then not sure if its possible) and move soemwhere cheaper? My income is 3000 a month, rent is 1300 and I will have an excess of 800 each month...

Lastly re my creditors they continue to wrire to me but so far just asking for money or issuing default letters. Yesterday I received a letter from a collection agent acting for First Direct. Does this mean First Direct have sold my debt - in which case who do I name on the Bankruptcy?

Thanks v much for any help you can give me....


I think that you are worrying unnecesarilly.
Regarding your jewellary. no one is going to suggest that you act illegally but let me put it this way.
List it and you will lose it. Make your own mind up.
Neither what your rent is nor where you live is what it is. No one can or will expect you to move to a cheaper appartment.
Do not worry about your bonus being paid towrds your rent. If you are asked where the money went just tell them . No need to volanteer the info.
and with regards to First Direct. Do not worry about if or to whom they may have sold the debt to just list First Direct.
David
By H
#7656 Thanks David - I figured as much but I am, like everyone, very very anxious about the OR interview, convinced I am the worst offendor he/she will ever meet (not true Im sure but Im a born worrier) and therefore want to make sure as few suprises as possible.
By sunshine
#7658 hiya...

I too am going bankrupt in the next ten days...I live alone on Incapacity benefit do not drive...

So I should not list my video ...rare madonna records...or computer....will they still come around to check...and then if they see it it would go against me....

so what shall I list....also what am I likely to be asked....I have no business it is just debt run up whilst still on long term incapacity benefit...
By Mel_Odious
#7660
sunshine wrote:hiya...

I too am going bankrupt in the next ten days...I live alone on Incapacity benefit do not drive...

So I should not list my video ...rare madonna records...or computer....will they still come around to check...and then if they see it it would go against me....

so what shall I list....also what am I likely to be asked....I have no business it is just debt run up whilst still on long term incapacity benefit...

I wouldn't worry about the video and records. You could mention the PC and rough value but I'm sure it will be safe, the OR will not send anyone round to check. If you had valuables then the OR may send someone round. The OR is only interested in assets that will realise a reasonable amount at auction and a reasonable amount is around the thousand pounds mark I would say.
You could list all your possessions under general household items. All you will be asked to explain are any large amounts of income or expenditure but mainly just general questions about income, bills, rent etc.

Mel