question category: Bankruptcy

With bankruptcy what can they take?
Submitted on: 9th Dec 2008 by Non-Member | Total Answers: 2

If I am bankrupt what can they take?

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Re: With bankruptcy what can they take?

The OR will take very little from you. They will not visit your home, and will only be interested in any assets you have which will raise a high value at auction, for example, fine art, antiques, collections.

Everything in an average household will not be touched by the OR.

Submitted on: 4th Feb 2009 by Veronica_Lake Member

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Bankruptcy what can they take?

Here's an extract from a page about what you need to know about bankruptcy.

There are however a few very important exclusions that you’ll need to know as there may come a time when you need to use this information. You are allowed to keep: “tools, books, vehicles and other items of equipment as are necessary to the bankrupt for use personally by him in his employment, business or vocation” in addition to “clothing, bedding, furniture, household equipment and provisions” necessary for satisfying the basic domestic needs of you and your family.

Have you considered alternatives to bankrutcy? Try investigating debt management and IVA's.

Submitted on: 9th Dec 2008 by TA Member

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