2006-10-29 23:57:57 · 13 answers · asked by Tony O 1 in Business & Finance ➔ Other - Business & Finance
If they believe that you have assets of a saleable value to reduce your debt then they can send bailiffs round to ascertain this.
These items would be things that could generate a price that would reduce your debt not some £1 or £2 resale value CD's.
I have it on good authority that your car would have to be worth circa £3000 before they would sell it. They could force you to sell your house though or put a charge against it, but this depends on the level of insolvency.
Don't worry, your music is safe!
2006-10-30 00:17:31 · answer #1 · answered by Valiant 3 · 1⤊ 0⤋
If you are made bankrupt they do not take books and Cd's. They take the house and all the contents apart from very personal items. If you are in the house at the time you are turfed out and the locks all changed there and then. Then all is sold to pay of as much of the debts as possible. A bankrupt is rarely left with a single thing. I have seen it happen to a 2 different neighbours.
2006-10-30 01:08:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In an individual case, when the order for bankruptcy is made through the court, an official receiver is appointed by the court who will into your incoming and outgoings and will consider what will be the best way to recover the debt for the creditors. if there is any assets in the person name they will be disposed of ,but in practise if the person has no asset , they will not pursue him or her unnecessarily.
2006-10-30 01:01:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
NO. NO NO NO NO.
They don't take anything like that anymore. It's not the dark ages.
If you have a Ferrari, they'll make you sell it and get a focus or something.
If you are alone and live in Buckingham palace, they'll make you sell it an dmove somewhere smaller.
Speak to an insolvency practicioner.
2006-10-30 00:06:12 · answer #4 · answered by Anonymous · 1⤊ 0⤋
in the uk the insolvency service deal with someones bankruptcy. the insolvency service are a government department and are quite reasonable.
i have worked in advice work and have seen this first hand.
i have provided you with a link to their website, where they have lots of booklets etc full of information on the process of bankruptcy.
hope this helps x
2006-10-30 00:21:40 · answer #5 · answered by just trying to make a difference 5 · 1⤊ 0⤋
If you are talking about bailiffs.
they can take items to the value of any debts you have, including the bill for the bailiffs!!
they can take any items belonging to you, and the value they will place on them is 'second hand auction' price......so, that music centre that you thought was worth £300, will be marked as £30 worth of gear.
2006-10-30 00:08:37 · answer #6 · answered by Vinni and beer 7 · 0⤊ 1⤋
No, they realy only take things with value anyway, and usualy they have to go to court first.
2006-10-30 01:21:36 · answer #7 · answered by ♥Lexi♥ 3 · 0⤊ 0⤋
In chapter 7 they will take what what you owe, and chapter 13 that wont take anything.
2006-10-30 00:07:16 · answer #8 · answered by sweetheartk21 3 · 0⤊ 1⤋
eventually yes anything of value but that would take a while.
2006-10-30 00:07:20 · answer #9 · answered by jojo 4 · 0⤊ 1⤋
'Course not. They're not that cold hearted.
Just what you owe.
2006-10-30 00:03:12 · answer #10 · answered by fresh_mcgraw 3 · 1⤊ 0⤋