Join in the chat

- Tue Jul 27, 2004 2:04 pm #503 ..declaring ALL of ones assets on the run up to court.

Please advise on the the implications whatever of declaring your assets upfront in the UK but not on the house you have in another country.

Who's to know and how can "they" find out

[JaneClack]

- Tue Jul 27, 2004 2:59 pm #508 The Official Receiver has a very long arm and a very beaky nose! You can gamble on the fact that he might not find out that you have property elsewhere but if he does and you have not declared it you would be breaking the law. He may ask you this question during your interview and if so it is up to you how you answer! However, if you do decide to be economical with the truth, think if anyone else might wish to let the OR know - do any of your creditors know for example? I obviously cannot advise you to break the law so the decision/gamble is in your hands.

- Wed Jul 28, 2004 10:24 am #536 [quote="Sarah"] if he does and you have not declared it you would be breaking the law. quote]

you are breaking the law even if he doesn't find out I would follow Sarah's advice and be honest - the penalities for not being honest are not very nice

see http://www.insolvency.gov.uk for more details

Always buy a financial product - never be sold one

- Wed Jul 28, 2004 12:44 pm #539 I agree with what has been said. It would be a criminal offence not to declare all of your assets, but its up to you if you are prepared to take the risk.

What are the implications? Well, it would be classed as fraud, so the worst that could happen would be Imprisonment.

- Thu Jul 29, 2004 8:05 am #564 Thanks for your honesty and advice in your replies to my first post on this distressing ordeal I may have to cope with soon.
My Mother and I are the only living members of the family so I guess she will have to make alternative arrangements as to what to do with her property before the enivitable occurs, as it appears that leaving it to family in her will as she has done would be a non starter.
Mum is very poorly and not expected to see this year out.
Ahhh problems

- Thu Jul 29, 2004 8:59 am #566 Its an absolutely rotton thing to happen, but if your mother did unfortunately pass away during your bankruptcy, your OR would make a claim on your inheritance.

Have you thought of any other routes rather than Bankruptcy? If you have assets or due to have assets you could end up paying more than your original debt. Without knowing the figures, its hard to say what the best option would be.

If for example, your level of debt was £50k, and you ended up with assets worth £100k, you could end up paying £60k back, because of the costs of the Official Receiver added onto the debt.

Have you looked into a Debt management plan or an IVA?

- Sat Aug 14, 2004 9:38 am #758 I agree with Nicky,

an IVA could be the way out. If there is equity in your Mum's house you could arrange to borrow on the strength of it. Then offer your creditors something like 25p in the pound, thereby quartering your debt. You will find that will probably be accepted, as most people would rather get something rather than risk you becoming bankrupt and possibly getting nothing. Don't forget, they don't know what assets you have, all they see is your offer. What you offer is up to you as long as it's reasonable, it is a private agreement between you and your creditors endorsed by the county court. The debt is frozen, and so long as 75% (by total amount owed) agree, then the others have to comply.

- Sat Aug 14, 2004 10:00 am #759 Good advice Steve, and welcome to the board

[JaneClack]

- Sat Aug 14, 2004 3:02 pm #762 But if the equity in this house is more than you owe in money an IVA would not be the best solution as you would not be insolvent. Even if an IVA was set up and your mother died in the five year term it would have to be counted and if that meant you were not insolvent you would end up paying the money owed, statutory interest and not inconsiderable fees to an insolvency pracititioner. To do an IVA you always need to use an insolvency pracititioner and he is paid for his expertise in getting rid of most of the debt! Only you can tell if this would be a worthwhile thing to do.