suggested that bankruptcy would be the best solution

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by m.29 » Fri Jan 22, 2010 3:14 pm
It was suggested in my reply earlier that bankruptcy would be the best solution for us as we have been paying our creditors for 10 years through Eurodebt. Could you please tell me if in this process they will take away furniture etc and small savings we have which we are holding on to for emergencies? Also who could we contact in Birmingham and the... approximate cost. Please...


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Michael Peoples
Industry Expert
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by Michael Peoples » Fri Jan 22, 2010 4:00 pm
As I mentioned in the previous post your household possessions are exempt and your savings could pay for the bankruptcy costs. These are £510 each or £360 each if you qualify for a reduction depending on what benefits you receive.

I would suggest you could look at the sister site to here as there are experts on bankruptcy on that site plus others who have are or have been bankrupt.

You should also contact the citizens advice bureau and their site address for the Birmingham area is Hope this helps and good luck.


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by ontheroad » Fri Jan 22, 2010 4:14 pm
Hi M29 and welcome to the forum, i am in the process of going BR at the moment and be assured that everyday furniture is perfectly safe, it will not be taken, unless you have some very valuable items e.g expensive paintings or chippendale furniture for example then those sort of items probably would go but NOT everyday items. If you have an expensive car{eg porsche for example}then that would have to go but again not an inexpensive car, as for savings i not sure what you are allowed to have saved before it would be of interest. So if you have everyday items and an inexpensive car you will be ok, hope this helps.


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David F
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by David F » Fri Jan 22, 2010 5:28 pm

I am in a similar situation and I'm currently considering BR. I can say that the best advice I was given was to speak to an Insolvency Practitioner to get a FULL understanding of my options.

From my own personal experience and for a completely non judgemental, professional and clear unbiased advice I would recommend you speak with Melanie Giles at the IVA Advice Bureau and Paul at

Both of these people helped me immensely and I'm so glad I called them both.The advice was FREE too!

Don't worry and get as much advice as you can before you decide on what is the best option for you.

Good Luck,

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