thinking of going bankrupt

[Daisybear1]

i am seriously thinking of going bankrupt i live in rented accommodation my landlord also lives in the property which he rents from the council i have been off work sick for the past 7 months and not sure when i will be fit to go back i have no equity as my room is fully furnished i only own my clothes and food that i buy i was wondering if going bankrupt they would be able to take any of my landlords belongings or take his council house away from him all loans i have are in my name which at the moment are being paid for by the loan insurance i got out but i have no income coming in at the moment

thanks for any advice given

[Mary1973]

During the bankruptcy, the offical receiver will take all valuable assets that you own, which include; expensive cars, property, valuable jewellery, paintings etc.
They are not interested in low value items, such as TV, Laptop, clothes. These items are classed as part of your normal living.
Just because you go bankrupt, doesnt mean the court will leave with nothing!
I would imagine, that your bankruptcy would be fairly simple and you would not be expected to pay anything after the bankruptcy. If you were earning an income, the official reciever (the person who is appointed by the courts to get as much money for the creditors), would take a percentage of the money that is left from your monthly income after paying rent, bills, food, insurance etc. This is classed as disposable income, anything over £20 is. You will need to pay what they decide for the next 3 years.
However please remember that you will need to pay the bankruptcy fee + court fees, when you declare yourself bankrupt. The cost is approx £800.

My advice would for you to go and have a chat with a CAB officer, they give free advice and will even support you through the bankruptcy and will complete the bankruptcy petition.

[Mary1973]

Sorry made a mistake, just checked my information. The bankruptcy fee is around £495, the court fees are around £150. You may get a discount if you are unemployed.

[Mary1973]

ohhhhhh sorry lol

just chekced the date of this post. My advice is a little late! lol