I want to ask if I am declared a bankrupt under the Bankruptcy Act, will possessions in my house be taken away, such as the television and my children's computers?The house is jointly under my wife and my name but I am paying for it via CPF now.
2006-08-22 20:17:18 · 6 answers · asked by larry l 1 in Business & Finance ➔ Other - Business & Finance
I must assume you are in the States. If not, what I'm going to say will not apply. I would recommend you read : "The Bankruptcy Solution" by Peggy Palms and "Personal Bankruptcy for Dummies" by Caher and Caher. The law might be more lenient on you if the computers could be tied to earning a living somehow, but in short the Bankruptcy referee will want to know exactly what kinds of assets you have, even down to the Blue Book value of your car and money in the bank. But there are a lot of exclusions so it is not like you would wind up with nothing afterward. Best of luck.
2006-08-22 20:27:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes Unfortunately unless it can fulfill the following condition
1) It is a tool of trade. ie. if you are a workman and you claim that your computer is a tool of trade. it will be denied.
2) television, all things of luxury will be taken
3) where it is the neccesity of life will not be taken. eg. your bed, your simple dinning table. your gas stove for cooking.
Better moved things out before the declaration of bankryuptcy.....sshhhh i did not tell you that.
do a search in Yahoo and they will tell you the rights and bankruptcy laws
Your passport would be taken and you would not allowed to travel overseas unless it is for work and with the consent of the official assignee
if possible try to avoid bankruptcy as it would disrupt lives
2006-08-22 20:31:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your assets may be seized, but they have to leave you with the tools of your trade. If the house is in joint names, they cannot take that away from your wife, unless of course she goes bankrupt as well. There are so many bankruptcies these days,in my opinion, it's unlikely that they will take anything unless it is of exceptional value.
Good luck.
2006-08-22 20:27:51 · answer #3 · answered by A G 4 · 0⤊ 0⤋
Change the name of everything into your wifes name!
2006-08-22 22:48:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
they do not take the house and u are allowed exceptions like the computers
2006-08-22 20:26:07 · answer #5 · answered by College Student 3 · 0⤊ 0⤋
Ya .......
Everything will be taken away......
Ur computers & stuffs like that.......
And in some rare CASES, they may take ur WIFE olso!!!!
:-)
2006-08-22 20:23:23 · answer #6 · answered by K 1 · 0⤊ 0⤋
not in uk
2006-08-22 20:21:24 · answer #7 · answered by Anonymous · 0⤊ 0⤋