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With bankruptcy what can they take?

9 years ago - Posted by tad_admin

If I am bankrupt what can they take?

5 Answers

TAD Member

9 years ago

Hi, just ask a consultant or an expert to know what they can take if you have declare bankruptcy.

TAD Member

9 years ago

I am going to declare bankruptcy wlll that affect my income if i am working full time ANSWER TO THE ABOVE QUERY:

Your income could be affected if there is anything in your terms of employment that means your employment is terminated if you go bankrupt. It could be that you have a professional membership, or licence, these will also need checking as loss of these may mean you have no ability to work. There are many things to consider before making a decision to go bankrupt and it is always going to be worth going through your details with a free debt adviser first to see if there is anything that may affect you in a way that you would wish to avoid.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity.  If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you.  Click here to find out more.

If you have your own question to ask, please post it here, thank you

TAD Member

9 years ago

i rent a shop and work in it myself i get working dla and have 2 girls i earn aprox 4800 per year and get tax credit to help me live can they do anything about my business even tho i dnt own the building and it is just an income,, thanks

TAD Member

9 years ago

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.

TAD Member

9 years ago

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.

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