Bankruptcy Forms - SOA section 8.1 (Property) - Question

[CaptainBob]

Hi All - filling in the online SOA forms on the Insolvency website for my own BR ready for next week (big step, decision reached after much talking with NDL, CAB, CCCS, o.h., and the nice bods on here that have contacted me).

 

I have a question on section 8.1 re Property, and as a few on here would have completed it, hope someone may be able to advise;

 

So the question on the SOA simply says "Approximate Value of Property?". Now this to me would be the value of your house (say 125,000 for example). But in the guidance notes and the accompanying form, it says that

"The net value of the property is the current approximate value of the property less the amount due to the secured creditor e.g. mortgages."

 

So do I put in here the value (using the 125,000 for example) or do I put the amount less mortgage and secured loan (and if the mortgage is 105,00 and the secured loan is 30,000 is it OK to put a "-" figure in there, as based on this example the value would be -10,000)???

 

Cheers

[gizmo111]

Yes a minus figure is fine - the OR is only interested in assets, although he will most liekly check your figures.

[CaptainBob]

Thanks Gizmo. Your reply gives me one more question... What is an asset - for example, going through the Insolvency forms, I have;

 

No cash in bank

No money owed to me

1 Old computer as "tools of trade" - value less than 300 quid

No Stock

No Machinery/Plant

Fixtures/Fittings (see below question)**

Property - just my house in negative equity

No Stocks/Shares

No Farm Stock

No Premium Bonds/National Savings

No Foreign Propety

Nothing due to me in wills/trust

No Paintings or jewellery or anything else of value

 

What is fixtures/fittings?? for example we have a fitted bathroom (less than 600 quid for the whole lot including tiles) and a fitted kitchen (with a "seconds" range as the most expensive item, and probably worth (in its current greased filled/well used state) about 300 quid). Should I be listing these?

 

Does anyone on here know what level of detail or value quantifies an asset?

 

Cheers

[gizmo111]

I don't know about the F&F - never been asked, but your bathroom and kitchen are part of your house so not to be listed seperately. I would leave it blank and ask the OR (and please let us know what he says) what it refers to.

 

Generally an asset for the purposes of BR is anything that would have a NET resale value of over £200 ish. As far as I can see you have no assets so al lshould be straigtforward.

[Goldlady]

Agree with Gizmo those are not saleable assets so not relevant.

 

Subbing to your thread as trying to help many others in similar situation and here to help if I can.

 

Best of luck - it is a big step - nearly did it myself a couple of years ago.

[milesd]

wats the total your goin bankrupt for

 

i live at home, not worked in 4 years, stil have lingering 14k debs from c/c 2 loans and paypal

 

recently been on a gambling issue and lost all my savings (prem bonds cashed out to gamble and sadly lost over 2grand in matter of days)

 

now i have nothing i cant aford to keep my car running let alone the car bills like tax, i live at home with parents

 

and very very much wanna no more about bankrupcy and its entailings

[gizmo111]

wats the total your goin bankrupt for

 

i live at home, not worked in 4 years, stil have lingering 14k debs from c/c 2 loans and paypal

 

recently been on a gambling issue and lost all my savings (prem bonds cashed out to gamble and sadly lost over 2grand in matter of days)

 

now i have nothing i cant aford to keep my car running let alone the car bills like tax, i live at home with parents

 

and very very much wanna no more about bankrupcy and its entailings

 

More info here - but with only a small amount of debt BR is most likely notthe best option for you - what are you plans to return ot work?

[sequenci]

wats the total your goin bankrupt for

 

i live at home, not worked in 4 years, stil have lingering 14k debs from c/c 2 loans and paypal

 

recently been on a gambling issue and lost all my savings (prem bonds cashed out to gamble and sadly lost over 2grand in matter of days)

 

now i have nothing i cant aford to keep my car running let alone the car bills like tax, i live at home with parents

 

and very very much wanna no more about bankrupcy and its entailings

 

You may be better off looking in to a Debt Relief Order than Bankruptcy.

 

Give National Debtline a ring on 0808 808 4000.