Bankruptcy - what will they take from my house and what to expect?

[Regulus]

It's surely a testament to how screwed up the financial climate of the common man is in this country when something portrayed as being the final admission of failure (Bankruptcy) is actually a moment of genuine happiness and joy. But the fact is, despite the attached stigma, Bankruptcy can make people's lives far better and far far happier.

 

Personally I prefer to try and pay off all my own debts, but being in debt, I understand how sometimes its just not possible and I personally respect people who take the Bankruptcy road despite the stigma around it.

 

In many ways I wish that everybody who has serious debt would take Bankruptcy just to shove it in the face of the banks and the Government. They'd be bolloxed if that happened. Would finally make them wake up and realized the consumer needs to be treated fairly rather than demonized.

 

Respect to you on this front Antarctica.

[Regulus]

One thing I don't understand, and hopefully someone can clarify this for me, is how the OR works, what does he or she do? Is he/she the person who decides what assets you have and then take if they deem them worthy?

 

And on that subject, how is all that worked out anyway? Does someone arrange to come to your home and have a look around and see what you have that could be worth taking or are you asked to list what you have at some point then someone calls you to discuss them?

 

ooh, another question, what about the aftermath of BR? Are you essentially left alone then or do you maintain regular contact/meetings with OR and/or others to monitor your situation?

[Regulus]

Hi Tawny, thanks for the reply, just to play dumb for a moment and clarify what I've read, its is down to the Bankrupt to declare all assets to the OR right?

 

Then what would stop someone neglecting to mention certain luxury items or passing them to a family member for safe keeping or somesuch?

 

It just strikes me that if someone knows they are facing BR, then they can arrange in advance a method by which to keep their material assets such as PC's, TV's Video games etc whether it be by them neglecting to mention certain items or just moving them out of the house for a while.