Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

What are considered assets in a UK bankruptcy?

I currently live in a rented house, and am drowning in debt.....

A long story, but I have just been rejected for an IVA and have no alternative but to go bankrupt.

The debt is in excess of £20K.

I live with my partner, so am hoping a lot of things will count as joint assets, but I am a wreck at the moment wondering what, if anything, will be taken to pay my creditors.

I have a car, worth about £600, a stereo,a good cd collection, a computer, tools (i used to have an exhibition company, but I don't put much value on the tools), and all the usual things in a house, including a sauna (which perhaps is not).

Nothing individually is worth more than £1000.

Can anyone enlighten me, or is it once again time to consider taking the cowards way out?

Thank You for your answers.

Update:

Edit.

That link is an amazing video - Many Thanks for the eye openers.....

Whilst I still have tears in my eyes, I understand more than ever about corruption and malpractice.

1 Answer

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  • Anonymous
    1 decade ago
    Favorite Answer

    Filing bankruptcy had been deemed "cowardly", but it is not. Those laws were put in place to protect citizens.

    I don't think anything can be taken from you, it doesn't look like you have anything to take. If you owned a home, that would be a different story.

    There is a wonderful documentary that will make you feel better about your decision. Here is the link:

    http://video.google.com/videoplay?docid=-484043204...

    good luck!

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