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

Moderators: TalbotWoods, JaneClack

By Carolyn
#4531 Hi, My husband have got ourselves into a big mess,I was working, had 3 car accidents-none my fault-solicitors stuffed me up ,so didn,t get much compensation only £2500.but we borrowed becouse we thought we would have LOE but didn't. we were going to go for a DMP but it was going to take 21 years to pay off,So are looking at Bankruptcy. I have run my own business for a year,it was going reasonably but with our personal finances totally shot we have decided to close it--I hope I am doing the right thing.
I know the house will go-mortgaged-But what is classed as basic items you need in your home ? washing machine,tv, computer(2 years old). as my daughter bought a DVD player which we use in the lounge--would this go?would sky tv and the internet go?-even if my daughter was paying for them, -they are in our name and come from our bank account but she gives me the money to pay in each month.
My daughter is 17 and lives at home-will her bit and bobs be ok?.
I am trying to be logical and get myself prepared.
Thanks for any help
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By JaneClack
#4532 The only thing that will have to go is that antique dining table and chairs worth a small fortune and the Picasso on the wall. Oh yes, and the yacht moored in Nice!

What I am trying to say is that it is very unlikely any normal household goods will be taken. They have to weigh up the cost of sending someone to collect them, store them and then sell them at auction - considering you can buy a DVD player at ASDA for under £30 at present there is not much worth in doing this.

If your daughter is working part-time and paying for Sky there is no reason that should go as you pay in advance anyway - except for films (which I have discovered to my cost are added later and I never see them !)! Same for those other things.

Look at http://www.insolvency.gov.uk for some more information as you can download information sheets from the website.