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

Moderators: TalbotWoods, JaneClack

By Happiness
#571 I have asked this question before, but I feel was possibly misunderstood as it wasn't answered.

I tell the o/r what assets I have.
The o/r claims these assets & they no longer belong to me.

I get that part...

what I don't understand is how the o/r recieves or gets the assets from you. So I'm not misunderstood again - how do the assets leave my premsies as I'm told bailiffs are unlikely to call. Do I drop the things off or does someone indeed call to collect, or do I have to dispose of them myself for a minumum amount, which I then give to the o/r?

I know this is a very dippy question but hopefully the question isn't misunderstood this time.
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By JaneClack
#573 Right - you state what assets YOU have. Not your husband or kids but you. A DVD? Not likely to be taken as you can buy one for £39 from a supermarket.
A Picasso? A Steinway Grand? Antiques? - now you will be taking about the kind of thing that will be taken. You will write down anything you consider an asset. Beneficial interest in any property owned is always transferred to the Official Receiver. If a car is needed to get to work and is not a luxury car the OR is unlikely to want to take it although he/she may feel that an expensive car could be sold and would then hand back some of the proceeds so a cheaper car could be purchased. With reagrd to household belongings the OR will take into account the cost of collecting, storing and selling the goods and when this is weighed up, unless there are expensive antiques etc, they are unlikely to be taken. You will have written down what assets you have and unless the OT has reason to doubt this he is unlikley to send anyone to check.
However each OR works as he wants so no guarantee can ever be given by any forum all you can go on is what others say.
I am sure you will be fine though.
By Happiness
#576 Hi Sarah,

I understand that my car will probably be claimed as I am currently unemployed, valued at around £3000 (if got a good price).

What I dont understand is how the reciever takes physical possesion of the car or any other assets he/she sees fit.
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By Nicky
#577 They will arrange for collection, its not up to you to take them anywhere.
By steve60
#757 Hi,

My name is Steve and I'm bankrupt !

Talk to your O/R, In my experience so far I have found them all to be very helpful, polite and professional. At my interview I was told that unless I had a large collection of antiques or had deliberately gone out and bought a load of stuff on credit just before my bankruptcy, then they were not interested in any of my belongings
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By JaneClack
#763 Thanks for that Steve. This is the case in most bankruptcies.