The Bankruptcy Law concerning furniture owned by bankrupts
Will they take my furniture if I am made bankrupt?
The law which sets out the rules as to whether or not furniture can be retained by you in a bankruptcy is found in Section 283 of The Insolvency Act 1986 (The same section that deals with "your car")
To avoid you having to click back through the web site section 283 is repeated here:
" 283 - (1) Subject as follows, a bankrupt's estate for the purposes of any of this Group of Parts comprises-
(a) all property belonging to or vested in the bankrupt at the commencement of the bankruptcy, and
(b) any property which by virtue of any of the following provisions of this Part is comprised in that estate or is treated as falling within the preceding paragraph.
(2) Subsection (1) does not apply to -
(a) such tools, books, vehicles and other items of equipment as are necessary to the bankrupt for use personally by him in his employment, business or vocation;
(b) such clothing, bedding, furniture, household equipment and domestic provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his family.
In other words furniture is not caught by the bankruptcy process - Contact us for any further advice needed.
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