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

Moderators: TalbotWoods, JaneClack

By lawbel
#212273 Hello

Can you give me advice please! We had hoped to enter in to an IVA, but our IP has said that it is very unlikely to be accepted because of household exp morgage and 2nd charge =£1300 pcm
and we are in a neg equity of £62k!! We have been given the opportunity of renting a friends house £700pcm if we do this do I just give the keys to the morgage com and can the 2nd charge be included in BR with unsecured debts? and what do they class as assets?


By Iphigenia
#212277 Assets would be things of value that are not necessary to daily living.
So TV, furniture, kids' toys etc - not assets.
Old Masters, Cartier watches, Faberge eggs - assets.

Hope the house owners will be up to advise you soon.
By lawbel
#212279 Thankyou

My concern is my son is on a gap yr in Asia, and he has game consols, games tv and dvd which he bought himself! should I put them in storage so that they are not included in the assets?

Lawbel :(
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By moaner
#212280 you do not need to list those items and nobody comes to your house so they are quite safe :mrgreen: my children have xbox, laptops, etc, I never even put those down

Housewise, yes, we were in the same position, we moved to a rented house, left our mortgaged house to be repossesed and went bankrupt.
By Iphigenia
#212282 When I went bankrupt, the OR's agent called - by appointment - to arrange to take the car. (I was allowed to keep a car for my work but not That car, it was deemed too valuable.)
He came in to sign the paperwork, and I suddenly became uneasily aware that he was sitting on the new leather settee, of which I'd paid maybe 4 months to the credit card company on (my bankruptcy was a sudden crisis, I didn't know I wouldn't pay for the settees when I bought them).
I wondered if he'd report back to the OR but he didn't.
Or maybe he just didn't like my settees..... :wink: