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.
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.
- Anonymous1 decade agoFavorite 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: