Upinsmoke .
Sorry Mick - this is a biggy
you might want to have a good look at this ..
http://www.insolvency.gov.uk/freedomofi ... technical/
TechnicalManual/Ch25-36/Chapter31/part2/part3/part_3.htm
In particular note item 31.2.21 ... The value of the vehicle is not a determining factor.
When I 'lost' my motorbike it was explained to me that the OR is very particular about vehicles , indeed the OR may have to insure your vehicle.
I have come across a chap on another forum who has lost his car - worth £200 !
The question of the value of the veicle ONLY arises if the vehicle is ALREADY considered to be exempt and that the vehicle is of excess value , if that is the case then the vehicle will be sold and a suitable replacement up to the value of £2000 is acceptable .
Basically is you cant persuade the OR that your vehicle is exempt - its gone .
Read the above link its really useful.
I'm not being pickky but if your car has no MOT then its not road legal and your insurance is void until you get it MOT'd, you can drive it to the MOT centre and back - otherwise you can get nicked !
On the other stuff .. assets .. while you are BR you dont own jack schitt ..
"The bankrupt's estate comprises all property belonging to or vested in the bankrupt at the commencement of the bankruptcy [note 1] except,
such tools, vehicles and other equipment as are necessary to the bankrupt for use personally be him/her in his/her employment, business or vocation and, such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his/her family.
subject to certain excluded property reclaimable by the trustee [note 2].
A motor vehicle may be exempted under section 283(2)(a) or under section 283(2)(b) in very limited circumstances (see paragraph 31.2.23.)"
Have a look at
http://www.insolvency.gov.uk/freedomofinformation/
technical/casehelpmanual/E/ExemptProperty.htm
It'll scare you silly !
Most OR's are reasonable about domestic stuff but if you I&E is very close or your E seems to exceeed your I they will scrutanise everything.
My car is exempt as I need to use it for work, 24/7 callout , anywhere in the county , I 'lost' my motorbike .. I was given a choice of which I was going to use for work.
I declared my home PC printer etc - value approx £150, and justified it as being exempt as I need to it maintain my professional work (Im an IT geek ) and for my daughters homework and education.
Some OR's a harder than others but it looks like you have one thats playing it by the book .
"If a bankrupt's expenditure appears to equate exactly with his/her evidenced income, leaving nothing to pay into the estate, the figures should be closely examined and a full explanation sought"
thats from ..
http://www.insolvency.gov.uk/freedomofinformation/
technical/TechnicalManual/Ch25-36/Chapter31/part7/part2/part_2.htm
On the Child Benefit / tax credit
quote "The High Court has stated as a matter of public policy that child benefit and similar benefits should not be included in the statement of income when applying for an IPO and there is no reason why this point should not be extended to cover IPAs."
thats from ..
http://www.insolvency.gov.uk/freedomofinformation/
technical/TechnicalManual/Ch25-36/Chapter31/part7/part2/part_2.htm
Slainte
MIsh
PS - OR's are assessed on their PRODUCTIVITY
part of that is
"Number of cases where income payment order/agreement obtained by official receiver "
see ..
http://www.insolvency.gov.uk/otherinfor ... rmance.htm
told ya I was a geek ! [8D]
Hi Mish.. great post but sorry we have to put the links onto 2 lines
as a long link alters the page width to accomodate.. and makes it necessary to scroll across the page to read the postings ...
To those wishing to access these excellent links, please cut and paste the whole link (i.e. both lines as one )[:)]
regards, admin team