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Persona Bankruptcy – Animals

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5:02 am
January 18, 2010

Jon Emge

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posts 1018

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In reading your query it brought up a few thoughts: from all you have stated the horses could be viewed as an asset, but due to their value being low, they may not be an issue. Also, if you are using them for a business or part of a business or work, they could be protected as 'tools of the trade'.

One other issue maybe the costs associated with maintaining the horses, the Trustee may look at this and if it is high, question it. But again, as a part of a business, it can be allowed.

I would invite others to comment or share any experience they may have had related to similar experiences.

Jon

10:33 pm
January 16, 2010

bankruptinaustralia

New Member

posts 1

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Hi there,

I am about to declare personal bankruptcy of $50,000 credit card debt (within a partnership with an ABN but not registered for GST) and my husband and I have a few horses. Our Partnership is horse services with hubby being a horse masseur and I a horse trainer. They horses aren't worth a great deal and have been cash transactions. I use my husbands horse for work (as I sold mine to pay debts last year) and the remaining 4 horses (2 are rescues worth about $200 each – meat prices – and the other 2 $500 each) are used for my husbands research/practice and I am intending on breaking them in for our use. Do I need to list any of the horses as assets? If so, could they be taken by the Trustee? None of the horses are registered with any association. Thanks.

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