Author Topic: do they take the shirt off your back literally?  (Read 43119 times)

BUNTY

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  • Posts: 2
do they take the shirt off your back literally?
« on: Mar 16, 2015, 08:02:19 PM »
Hello

I am considering bankruptcy but have been told all sorts of things....

Can they take everything you own?

Someone said I can assign belongings to family or friends.  Is this allowed?

I have assets in my garage that don't belong to me.  Machinery etc. What would I do about that?

Thanks

BUNTY

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  • Posts: 2
Re: do they take the shirt off your back literally?
« Reply #1 on: Mar 18, 2015, 12:54:52 PM »
Anyone there please ?

Re: do they take the shirt off your back literally?
« Reply #2 on: Apr 17, 2015, 10:06:57 AM »
Hi there,
No, you certainly will not lose everything you own, but circumstances differ from case to case. Your house for example can be used to help pay creditors, if it has positive equity, and your vehicle can be taken if it is of value and not essential to your job or mobility. But personal possessions are not usually taken. Feel free to take a look at the guidance on thebankruptcyservice.co.uk, or give us or another debt advisor a call so you can get advice personal to you.