2006-06-18 08:33:57 · 9 answers · asked by andrewskeel 1 in Business & Finance ➔ Personal Finance
Hi there,
In the UK no...not necessarily.
Bankruptcy essentially means that you are offering any funds or assets that you have towards your creditors via your bankrupt estate. The link below may be very helpful to you..
2006-06-18 10:28:21 · answer #1 · answered by seantyrer123 2 · 4⤊ 1⤋
There are too many variables to go into here - they balance your assets against your debts and you may have to give up some things
Your best bet is to consult a few bankruptcy attorneys - they have free initial consultations, they will review your situation (and will tell you what you need to bring with you to the consultation visit) and they will let you know if bankruptcy, and which form, will be best for you. They also will let you know how much it will cost you if you use them for the process.
Getting a few opinions will help you make an informed decision, and will help you find a lawyer that you feel comfortable working with.
2006-06-18 09:10:31 · answer #2 · answered by HearKat 7 · 0⤊ 0⤋
If you own the home or have paid off part of the mortgage, the value of your house can be assessed against your debt. If the debt is such that the house need be sold, the official receiver can have the house sold. However, I think, there is an obligation to provide accomodation, especially if the bankrupt person has children, or is a vunerable person eg elderly, and arrangements may be made to provided cheap rental accomodation. (Please correct me if I am wrong)
2006-06-18 08:49:46 · answer #3 · answered by Kreb D 2 · 0⤊ 0⤋
Normally they won't take your home if it is the only one you own and you reside there. There are a LOT variables to consider though. You really need to consult a bankruptcy attorney and give him/her a complete picture of your situation to get an accurate response.
2006-06-18 08:39:21 · answer #4 · answered by psycho_mommy 2 · 0⤊ 0⤋
Actually you can. I know from experience that my ex-husband and I ended up filing for bankruptcy and we ended up losing our house because of it. We ended up separating and divorcing because of that and a few other problems that came up.
2006-06-18 08:41:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋
its according which bankruptcy you file for. one you get rid of all your dept by loosing all your stuff, but thier is one that just refinances everything
2006-06-18 08:37:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Depends on the state. In Florida, you can't.
2006-06-18 10:26:48 · answer #7 · answered by kadel 7 · 0⤊ 0⤋
No they cant take away your home or car if you live in th USA
2006-06-18 08:35:34 · answer #8 · answered by larry g 4 · 0⤊ 0⤋
yeah. you can't pay for it.
2006-06-18 08:35:35 · answer #9 · answered by Taliea2006 3 · 0⤊ 0⤋