also can you stop balifs
2006-11-24 22:25:43 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
thank you all so much for your great answers, i know its not a nice thing to have to do but i have to do it,
2006-11-25 19:15:00 · update #1
If you are in a Chapter 7 they can take certain things but usually not all your personal belongings.
Read this page:
http://www.expert-credit-advice.com/bankruptcy_facts.htm
2006-11-24 22:31:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
To file for bankruptcy, you go to the local magistrates court and pay a small fee. The process is quite fast. Once the papers are drawn up, you then visit the Official Receiver who will assess your case. You will also have to go in front of the magistrate. The assessment will be to make sure you are not attempting fraud by avoiding your debts that you may have deliberately run up.
The Official Receiver will then take over all the debt management. Your credit cards will be confiscated and bank account frozen. You will need to provide a list of your debts and a list of your assets. At this point, no further action can be taken by any of your creditors and you will be given a form to produce to anyone who attempts to reclaim theur debt. You no longer owe anyone money.
The bailiff from the court will be instructed by the Official Receiver what he should repossess from you. Usually, they only take things that they can sell at auction for a profit. Most things aren't worth it. If you own your house, that will be repossessed, as will your car. They will not take anything from you that you need to earn a living.
It's not a nice experience. You can't get credit for at least six years after discharge - and that is either a year for small debts or two for larger debts. It's forever on your record.
Good luck!
2006-11-24 22:45:57 · answer #2 · answered by Druantia 3 · 0⤊ 0⤋
We filed in Arkansas last year because of three years worth of medical bills. One income supporting five people with one a disabled adult for three years was too much. We gave all our bills to our lawyer. He figured up our assets vs. debt. You will be informed on what you may possibly lose or have to continue to pay on, etc before you get very far in. Schedule a consultation just to see what your options are and if it's in your best interest for your situation. Two months after we filed, we went before a judge and answered some yes and no questions that were recorded on a tape player. The questions were like, could we sue someone for the chronic illness or was workman's compensation an option. And would either of us receive an inheritance in the next 6 months. It was over in less than five minutes. Some people had creditors show up and state why they should still have to pay their debt. We each got a credit card 3 months later to rebuild credit and haven't been late a single payment. We qualified for a home loan larger than we wanted last month. We hated to file but it was the smartest thing we've ever done.
2006-11-25 03:42:00 · answer #3 · answered by Gregory R 1 · 0⤊ 0⤋
The best people to speak to are the National Debt Line,Ive read some of the answers on here and not all of them are right..for starter the laws changed regarding bankruptcy in 2004 so it would of been different for people who went bankrupt before then...it all basically depends how your run the debt up? if it was just through credit cards etc and you don't own your own house then it's really easy.They will not take any of your belongings if they are worth under £1000 so i wouldn't worry about that....As i say National Debt Line are they best people for advise.Take things said on here with a pinch of salt
2006-11-27 09:33:23 · answer #4 · answered by lilley247 1 · 1⤊ 0⤋
It is always advisable to use an attorney to file the bankruptcy petition for you and to represent you through the proceedings.
Bankruptcy laws changed dramatically in October 2005.
One of the most vibrant changes made is that people seeking to file now have to have credit counseling prior to filing. That is a mandate of the new US Bankrupcy Code.
Your attorney will make the necessary arrangements for this.
Take all of your belongings? No. If you financed a car for example - you have the option of reaffirming that debt and keeping the auto. Your attorney may be able to negotiate the amount you owe on the car & get the interest rate lowered as well as the payments.
Your home? Should you want to keep your home, this is the same answer as above concerning your auto. Typically there is not much room for negotation on this debt though.
Other belongings? Many personal property items (household items) are exempt from bankruptcy - meaning they are yours and will still be yours after you file.
It is not like someone shows up at your door with a moving van and leaves your with absolutely nothing.
Talk to your attorney with any concerns you have.
There are many lenders out there (the company I work for is one of them) that will make you a loan immediately after you file. This will help you to reestablish your credit.
Keeping items you do owe on --- if you financed your furniture for example.... you could reaffirm the debt (entire amount or negotiated portion of it) ... or you could consider redeeming the furniture - meaning for example you owe $1500 on it - you offer to pay $800 cash immediately --- they accept. It's over.
Good luck. I hate when anyone has to file - but the fact of the matter is that bad things DO happen to good people.
2006-11-25 00:58:21 · answer #5 · answered by chey_one 3 · 1⤊ 1⤋
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2016-04-21 07:04:29 · answer #6 · answered by ? 3 · 0⤊ 0⤋
It depends on how you owe ans to whom e.g if you have borrowed against your house they will take the house. If you bought things on instalments basis, the bailiffs will take the things away but they will have to get county court judgement against you. The only way to stop bailiffs is negotiate some kind of repayment arrangement with the creditor which does not have to be for full amount if you do have or not likely to have enough cash to pay back. Creditors most times accept reasonable arrangement knowing full well that once you are bankrupted, they will get nothing if you have nothing
2006-11-24 22:38:23 · answer #7 · answered by Anonymous · 0⤊ 1⤋
they will take whatever you have as an asset.
they took the £2 worth of premium bonds my granny had given me as a christening present 35 years before, but let me keep the £30 in my wallet. Premium bonds are an asset and had to be seen to be disposed of.
they will sell your car if its decent, otherwise you will get ot keep it.
the house works like this - the official receiver doesnt want the hassle of selling your house, so what they ask you to do is find someone (spouse usually - relative if not) who will buy out your share of the house. so expected house sale price less mortgage then halved if your partner is on mortgage = your asset. partner is given chance to buy that at that price + admin fee. if they dont then they can sell house out from under you. unless you got kids then they can do it but have to allow a little time for you to find somewhere else to live.
its not nice, but it is a way of stopping the bailiffs. you need to talk to citizens advice. they helped me no end, even made me an "appointment" at the court so i wasnt sitting around to long.
2006-11-25 00:44:36 · answer #8 · answered by alatoruk 5 · 0⤊ 0⤋
it depends on your individual situation, but in most cases no they will not take your stuff. You would have to have enough assets to make it worth there while and creditors willing to push the issue. For more specific information you should contact a local attorney who works with bankruptcy's in your area who would be familiar with the laws and the local trustee who ultimately decides what to do...
2006-11-25 12:39:50 · answer #9 · answered by danielsexton17 2 · 0⤊ 0⤋
This Site Might Help You.
RE:
what happens if you go bankrupt, how do you do it ,will they take all your belongings any advice please?
also can you stop balifs
2015-08-14 15:27:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋