bankruptcy questions

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ms0

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Post by ms0 » Wed Jan 09, 2008 10:14 pm
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What can i declare as personnel monthly expenditure

My parents help me by a van i needed for work as aself employed decorator They paid £4000 and i paid £2250. I guess its worth £5000 Will i lose it or what compensation would i be expected to pay if any?
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MelanieGiles

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Post by MelanieGiles » Wed Jan 09, 2008 10:27 pm
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Hi msO and welcome to the forum

You will likely be asked to buy a cheaper van - of say £2,000 - with the remainder of the money being handed to the Trustee, although your parents might be able to argue that they are part-owners.

With regard to your personal expenditure, you should declare what you actually spend on a monthly basis.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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