ew1801
Well-Known Member
as title really are my horses classes as assets??
are horses assests??
- Thread starter ew1801
- Start date
zoon
Well-Known Member
Think it'd depend on the horse. I have three, two fo which are pretty much worthless in monetary terms - maybe totalling 1500-2000 for both. The third is much more expensive so if ever the bailiffs came round I figure they'd take posession of him and sell him on! Thats just a guess though.
Lippyx
Well-Known Member
Anything you own, thats in your name is an asset, regardless of money value!
If you are going through something legal, then I would suggest you speak to a solicitor about it.
If you are going through something legal, then I would suggest you speak to a solicitor about it.
Spit That Out
Well-Known Member
Hi, yes they are.
The new rules only came in to affect over the last few years but yes, they are classed as assets.
Have a word with Citizens Advice if you need legal clarification.
Basically i was told by CA that if you are made bankrupt your horse is an asset as it's something you can sell to pay your creditors. It's not classed as an necessity and therefore has to be sold. Don't think about giving your horse away or putting it in someone else's name as you could be liable for the horses worth.
If your horse is only worth a few hundred pounds then they may not make you sell it but the argument then is how are you going to pay for it's up keep each month. The courts would frown upon you paying out a few hundred pounds on a horse but claim you have no money to pay your debts!!!
Bankruptcy is harsh and although your debt free quicker (2 years) you will lose nearly everything, your family will be involved and it's made public knowledge, however Bankruptcy these days has allot less of a stigma about it and in the current financial climate is no longer frowned upon.
It's to stop people making themselves bankrupt but having a string of race horses if you know what i mean!!!
An IVA is less intrusive as bankruptcy and if you can i would go for an IVA before going down the bankruptcy route but again speak to the debit council who will advise you on and debt solutions.
The new rules only came in to affect over the last few years but yes, they are classed as assets.
Have a word with Citizens Advice if you need legal clarification.
Basically i was told by CA that if you are made bankrupt your horse is an asset as it's something you can sell to pay your creditors. It's not classed as an necessity and therefore has to be sold. Don't think about giving your horse away or putting it in someone else's name as you could be liable for the horses worth.
If your horse is only worth a few hundred pounds then they may not make you sell it but the argument then is how are you going to pay for it's up keep each month. The courts would frown upon you paying out a few hundred pounds on a horse but claim you have no money to pay your debts!!!
Bankruptcy is harsh and although your debt free quicker (2 years) you will lose nearly everything, your family will be involved and it's made public knowledge, however Bankruptcy these days has allot less of a stigma about it and in the current financial climate is no longer frowned upon.
It's to stop people making themselves bankrupt but having a string of race horses if you know what i mean!!!
An IVA is less intrusive as bankruptcy and if you can i would go for an IVA before going down the bankruptcy route but again speak to the debit council who will advise you on and debt solutions.
ew1801
Well-Known Member
thanks for replys
no im not going through something legal as such but am needing to value my assets but was a bit stumped when it came to my horses.
werent sure weather they were pets and they are not actually registered to me they are in my mothers name as it was over ten years ao when we got them and i was under 18 then but i pay for their upkeep now and take care of them
should i include them due to this???
no im not going through something legal as such but am needing to value my assets but was a bit stumped when it came to my horses.
werent sure weather they were pets and they are not actually registered to me they are in my mothers name as it was over ten years ao when we got them and i was under 18 then but i pay for their upkeep now and take care of them
should i include them due to this???
Spit That Out
Well-Known Member
Again the CA would be able to advise, they are free, impartial and will give more accurate advice.
I dropped out of my law degree in the first year so i would hate to say anything that was wrong or losses you money!!!
However from my very (very!!) basic knowledge. They are not classed as your horses unless your mother gives you ownership of them. However if sold or in a legal dispute you could claim for money you have paid towards them however you would have to prove that the money given to your mother was used on the horses and anything you bought was for those particular horses. This is where it gets very confusing and one of the reasons i dropped out!!!
I dropped out of my law degree in the first year so i would hate to say anything that was wrong or losses you money!!!
However from my very (very!!) basic knowledge. They are not classed as your horses unless your mother gives you ownership of them. However if sold or in a legal dispute you could claim for money you have paid towards them however you would have to prove that the money given to your mother was used on the horses and anything you bought was for those particular horses. This is where it gets very confusing and one of the reasons i dropped out!!!
ew1801
Well-Known Member
thank you. will leave them out of it for now then. both horses are retired now with health probs so they are not worth much so not to worried about them