Can they take my assets if my husband is going bankcrupt?

[SUNFLOWER1]

Hi!

I am a newbie and I am gripped by me desire to make 2011 the year I set my finances straight. My husband has been toying with the idea of bankcruptcy for some time now but we have decided as a last resort that its without question the best way forward - he has around £80,000 of debt and despite 3 offers pf payment made to legal &General they have now pentioned a bankruptcy order against him so he has made provisions to declare himself bankcrupt voluntarily.
What we need to really know is what exactly are they allowed to do in term of assets etc. My husband owns nothing other than a house which is in arrears and negative equity which he has a tennant renting off him. We rent privately and there is nothing on hp etc. My question is would they be able to take anything of mine- I own my own car but its in my name - are they able to take anything from our home such as furniture/tv etc if obviously I say its mine! We are in the dark a litte regarding what our rights are.

Any experience or advice would be greatly appreciated.

[LooLoo]

Re: Can they take my assets if my husband is going bankcrupt

Hi Sunflower and welcome to the site.

I think you can rest assured that no one will be coming round and taking your sofa. It is a very scary time, I am not BR but have had a worring time thinking it might be my only option so have done lots of research.

Anyway I am just here posting a little welcome and one of the other guys will be along soon to offer some more pratical advice.

Have you and your husband had a chat with one of the debt chairties? I know when I was first starting my journey I found my local CAB office helpful as well as National Debtline.

Please keep posting and also have a look around the site it is full of helpful and also fun threads. I see you are considering UE too - I am just about to start my own UE journey with help of Niddy and the regulars here... so lots going on in 2011!!!

LL

[philnicandamy]

Re: Can they take my assets if my husband is going bankcrupt

Hi!

I am a newbie and I am gripped by me desire to make 2011 the year I set my finances straight. My husband has been toying with the idea of bankcruptcy for some time now but we have decided as a last resort that its without question the best way forward - he has around £80,000 of debt and despite 3 offers pf payment made to legal &General they have now pentioned a bankruptcy order against him so he has made provisions to declare himself bankcrupt voluntarily.
What we need to really know is what exactly are they allowed to do in term of assets etc. My husband owns nothing other than a house which is in arrears and negative equity which he has a tennant renting off him. We rent privately and there is nothing on hp etc. My question is would they be able to take anything of mine- I own my own car but its in my name - are they able to take anything from our home such as furniture/tv etc if obviously I say its mine! We are in the dark a litte regarding what our rights are.

Any experience or advice would be greatly appreciated.

Hey sunflower welcome to the site..

right...as sunny said it can seem like a scary scary place everything happening the way it is BUT rest assured nobody will be collecting TV's Sofas etc the receiver in bankruptcy will only be interested in high value things that your husband owns (anything that will reach at last £1000 at auction) so long as you've no old masters or sportscars sitting around you'll be fine....if the house is in negative equity then should be fine may complicate things a little as you've a tennent in it at the time...do they have rent book agreement etc??

As far as car is concerned if it belongs to you & is registered to you then they wont touch it....the only thing to bear in mind once he goes bankrupt is have you any joint debt at all?? if you had this could then fall to the person NOT bankrupt meaning they could chase you. Has he spoken to any of the free debt advice people yet? cccs.co.uk? nationaldebtline or local CAB? once he petitions in court the judge will ask if he's had professional advice..and sadly we dont count!!


Hope that helps a little....anymore just shout & we'll do our very best to help

Phil