If i go for bancruptcy what will be taken ?

Question

i am probably forced into bancruptcy due to divorce, i have half the marital home and car as assets. i have 7 guitars and a decent tv would the reciever want to take these from me, and what should i do?

Answer 1

Divorce is messy and unavoidable if you just live with your partner, It is 1000x easier to just walk away when/if it turns "sour".

Chalk it down as lesson leaned.

Take the car/guitars/TV put them in the garden (if you have one) pour 5 litres of petrol over them and set fire to them and say "there you go it is all yours mother==cker"

Answer 2

You shouldn't have married at all! What did you get by marriage? Start something good for society.

Answer 3

They will take the car and your guitars but would leave daily essentials such as sofas, fridge/freezer, cooker etc. Then they put them into auction and the price they get (which probably won't be much) will be taken off what you owe. My advice would be to sell what you can and tuck the cash away and keep quiet. Good luck.

Answer 4

You need to seek a qualifed bankruptcy attorney in your area, most will see you on a free first consultation or free first hour consult. You don't give much info here, but, if you have a mortgage loan and you are giving up the house, they will foreclose on it, you will be billed the deficiency balance, which can be taken care of in bankruptcy, same as a vehicle. The will not take the tv, the guitars. The attorney will want to see your paycheck stubs for the last 6 months, assets, a list of all of your debt, last 4 years of taxes to be able to tell you what you qualify for. You can check this website out...  www.bcsalliance.com, it's a great site for debt, credit and bankruptcy information. Good Luck!

Answer 5

talk to your lawyer.  the reason for bankruptcy is to help you not hurt you.  they will not take your guitars or TV but you can sell them.  if they are worth anything you can sell and pay off some of your debt.  sell your half of the home.  get out of debt and start over.  bankruptcy will harm your credit try not to do it unless all else fail.  you can down grade your car if its not too old. good luck

Answer 6

I'm assuming you are in England or Wales.  Your interest in the marital home will be transferred to your trustee in bankruptcy and your ex wife will be given the opportunity to buy it.

It gets very complicated as to whether she can stay in the home if she can't raise the money to purchase your share.  I'd need more details.

The rules say the trustee cannot seize normal domestic goods and tools of the trade.  It really depends on the value of your car.  You  might be able to claim it as a tool of the trade but if its worth very much they will sell it and allow you to purchase a cheap replacement.

YOU MUST NOT conceal goods or money.  In bankruptcy you swear an affadavit that the petition is the whole truth and it is perjury if you make a false oath.  Bad times.

You must not transfer goods to anyone else (transactions at an undervalue) or show a preference to one creditor over another.

The trustee has the right to investigate you, without consent, including bank records for 6 years.

The good news is you will probably be bankrupt for less than a year, your debts will be written off and you can make a fresh start.  Good times.  

If you need any more let me know