bankrupt..... what will they take

[donnamitchell]

very worried that we may have to go bankrupt.

in an iva and my job is no longer secure.

i have been told that they will come into my home and take my tv, clothes that are designer, some of my white good's sette and table and chairs etc is this right..... can they do this. im very worried, what about my kiddies will they take all their stuff too.

i would expect them to take the cars but not too worried about that. but my hubby wouldnt be able to get to work, he starts work at 5am in the morning and no buses run at that time.

please advise me if this is true or not.

[aguise]

Hi Donna
You will not lose these things in bankrupcy. The cars or car could be a possibility but if it is needed then unlikely and if of value then you would still be allowed some back to purchase another of lesser value. The only assets they would be interested in would be those of higher value, plasma tv's. Most regular household stuff would cost more to collect and auction than they would get for them. Try not to worry. We are always here for advice and support if needed.

Ang

[Reviva UK]

Hi Donna

might be worth speaking to your supervisor first if the job does go, they may be able to hold things for a while to see if you can replace the job so you may not need to go through bankruptcy. If you have been in the IVA for a while and haven't missed a beat they are more likely to play ball and work with you.

If the IVa does fail there are a couple of outcomes and these are written into your IVA document where it talks about "termination" towards the back.

The IP may speak to creditors, fail the IVA and do nothing.
The creditors may - if you have been in it quite a while end the IVA and write the debt off.
The IP may fail the IVA and creditors request that they petition for your bankruptcy. This would usually only happen if there were sufficient funds already paid into the IVA or if you had a property with equity in it.

You can of course petition for your own bankruptcy but you usually need to get a "certificate of termination" from the IP to confirm that you have failed the IVA. Some courts ask for this and others don't. This option also costs you £485 for court fees although you may get a reduction of up to £150 if you lost your job and your household income was under 12k.

If the B option does need to be explored it may be worth changing the cars first so you are in control of the procedure. This may also free up the funds for the bankruptcy costs and the Official Receiver won't have a problem with this. You will be able to keep the car if you need it to get to work and its value is under £1500. It is also extremely unlikely that anyone will visit the house and take personal goods away.

If it gets to that - hope it doesn't - let me know and I will be happy to prepare your statement of affairs and debtors petition for free. Happy to attend court for free if given enough notice.

[MelanieGiles]

Donna

There is some good advice already provided to you, but please understand that the best advice you can muster at this time is from your own insolvency practitioner - who has detailed knowledge of your case and will understand your specific needs.

Even if you lose your job, that does not necessarily mean that you become unemployable! If you can afford to have designer clothes (Oh I wish!!!) then presumably you have a reasonable earning potential, so perhaps you will be back in work within a couple of months. In such circumstances, a short break in payments could be brokered with your IP without the need to revert to creditors. If longer - then a payment break for up to 12 months could be possible with the agreement of creditors.

And if the worst comes to the worst - you always have Paul of Reviva's kind offer of assitance to help you to present your bankruptcy petition on a free of charge basis. I have always said that there there is no such thing a free service without a catch, but in fairness to Paul if he is prepared to do the paperwork for you for free and attend Court with you, then I would certainly file his details in your "favourites" if you feel that you need external assistance.