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

Moderators: TalbotWoods, JaneClack

By Carolyn
#4601 I have another query, we are pending bankruptcy and I am trying top clear up a few thingsI have a horse and some grazing land which I have on lease, This is paid up for nearly 18 months in advance-I signed a 3 year lease last october-It was cheaper than keeping my horse on a yard, I also use my horse for occasional riding lessons to pay for his upkeep-farrier-£10 @3 times a year, dentist £25 once a year, wormers at £50 for the year and insurance £4.92 a month,I have had my horse for a few years and I really don't want to sell him he is like a pet relly.Where do I stand.?
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By JaneClack
#4602 I have had a word with an insolvency practitioner who deals with a lot of bankruptcies and he says unless your horse is a prime race horse or stud stallion it is worth comparatively little as a bankruptcy asset. You may have to give the OR a few pounds in compensation for the asset but not much - he rather crudely said it was just regarded as meat really. This sounds hard but is the best way to regard it to keep the horse! The expenses are fine for the horse!

So there you are - everyone knows horses are non-negotiable anyway. Houses can go - horses can't! :wink: