What happens if you go bankrupt how do you do it will they take my belongings?

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What happens if you go bankrupt how do you do it will they take my belongings?

daddyjohndeer

You file on what you choose with some exceptions.

Nat.Knows

If you can i would avoid bankruptcy at all costs! Your assets are no longer your own and they will be sold to creditors so they can be repaid some of their debt. This includes your home.
Have you thought about an IVA? It means that your belongings won't be sold.

Alexa

i think they take the stuff you still owe on....make sure this is something you want to do... a bankruptcy looks worse than bad credit and it stays on your record for 10 years. cant you look into a debt management program? in some states they are free. and you just make 1 payment to them and they negotiate better rates for you and pay your bills. if it is something you want to do just look in the phonebook under bankruptcy...i think it costs like 500 dollars which i always thought was silly because somone going bankrupt cant afford to pay their bills so why would they just have 500 bucks laying around...good luck to you

Sandee

I'm sorry you are in a mess for whatever reason. It costs a few hundred pounds to file for bankruptcy so it's not an easy way out. If you are still going to do it make sure to ask your friends if they can keep your belongings till it's over. Just keep what you owe on. The best of luck.

KEVIN G

ask citizens advise they will tell you every thing about it i think it costs about ВЈ600 per person and yes they will take all you stuff so sell it to your friend for a penny the borrow it of the get a recite for it all

johann_doe@btinternet.com

No - don't do it whatever you do and if you need to declare yourself bankrupt make sure it is the last avenue you go down. You are not allowed to own anything - house, car, possessions. Your finances are watched and anything you want you can't have. From my monster-in-law who declared itself bankrupt she wasn't allowed to have any of the above for 5 years after going bankrupt.

Edit: That is BS Lea. My mother-in-law had everything taken off her. she lost her house her car - her debts were wiped clean and she had to pay about ВЈ500 to go bankrupt, yours looks like the "exception" rather than the rule - arsewipe.

coach mcguirk

dont do it

TOM B

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moonwitchlady

Hi I think it's a hard way out of debt but I was told because we are in the same boat even though we both work through mistakes and bad judgment we would have to pay about ВЈ1000 If I had that sort of money I would pay it off my debt. I keep living off pay day loans and callers.and still can't get out of it thinking of selling house which will clear mortgage and loan and finding rented house and just hammering away at credit cards .I feel guilty going on debt management because I had the money and spent it and then I feel its a cop out...So I struggle But I think debt management is the best way forward it does stop you getting further credit which really is a good thing. And yes they do take your possessions and if you have a rare or pedigree pet they will even take that. anything that they can pay the people you owe to they will take. and when it goes to auction even though say you might have a ВЈ1000 camera and they will get ВЈ100 that is what they sell it for and that is what comes off your debt

Anna1223

It depends. Get legal advice.
It doesn't stay on your record for ten years in the UK. You can get discharged after a year.

Lea

The 2nd answer is incorrect. Not true.. Go to google.com and type in legalhelpers. You will get alot of your questions answered correctly. I filed and I get to keep my house and car as long as I still pay for them. I got all my credit cards discharged legally thru the courts and I am happy about it. They are a bunch of low lifes charging outlavage fees. No wonder we all all in trouble. If you have to file then file, its a legal law of the land.

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