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

Moderators: TalbotWoods, JaneClack

By terriegym
#224603 Hello i need some help and advice, after battling with trying to make my business work (self employed) for 2 years i am now in the situation of ceasing trading and going bankcrupt. i am in arrears with rent, business rates and still some business loan to pay back, it has got to the point of my health failing due to stress and i think this is my only option.

i have tried to read up on the bankcrupcy but am wondering how best to go about it, i live in rented accommodation, but my boyfriend lives with me and our 2 babies,

if i go bankcrupt can they come and take our stuff, tv, car etc,?
what paperwork do i need to supply etc?
has anyone been through this that can give me some advice please.
By nomlas
#224616 Hi terriegym, I am no expert as I have not been BR however I know that your basic items are safe, TV etc, unless it is a very modern expensive type and then only if it your own property. The car is somewhat tricky, again only if it is in your name, if it is and is valued above a certain amount it might be taken but if you can prove you need it, for work or looking for work it might be OK. If the car is not in your name it will be OK providing it is only you going BR. I am sure someone with more knowledge will be along to help. Regards. -- nomlas
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By JaneClack
#224624 Is it the family car or yours only?

If it is worth more than say £500 then the OR/Trustee may want to know whether it is needed for work and may ask for some compensation in order to keep it.