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T O P I C R E V I E W
passatrider
Posted - 07 August 2008 : 22:06:27 Iam currently considering bankruptcy as I've had health problems causing me to cut back my hours of work. I can see no improvement in my situation as I'm self-employed and business has been hit very badly too by the current economic downturn.
What I want to know is whether I'd be able to keep my car to continue to earn a living as it's my only asset? It's fully fitted out with taxi equipment so would have to be decomissioned if the OR wanted to sell it, thus taking away my only source of income.
The car is an 07 plate VW passat worth about 9000 by the way..
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 07 August 2008 : 23:09:59 Hi as a tool of your trade, and an essential one, you may well be able to keep it although it's also possible in these situations that the car is taken from you, sold at auction, and you're given an amount decided by the OR to replace it. The 2nd hand car market, particularly auction values, is very low at the moment so common sense tells me that all things comsidered you should keep the vehicle.
