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| lisa.04 |
Posted - 18 March 2010 : 06:22:15
hi, i have a car that is worth 1800 pound but i also have a 10 month old child and single parent on income support. would the car be seized if i declared myself bunkrupt? thanks. |
| 1 L A T E S T R E P L I E S (Newest First) |
| Bridgewood |
Posted - 18 March 2010 : 09:40:59
Hi Lisa
Generally motor vehicles are not exempt in bankruptcy, and you have to prove that you need the car either for work/business or it is essential for your personal needs and not just more convenient than, for example, using the bus.
The OR has some discretion in this matter, and a lot depends on where you live in terms of what your alternative transport options are. If you live in a large town with good transport links the OR is more likely to say you don't need your car. If you live in the back of beyond with one bus a fortnight it is more likely you'll be able to keep it.
Officially, value is irrelevant, but again the OR has some discretion on this subject. If he believes you don't "need" the car he will give you the option of buying it back at an agreed value, or instruct agents to remove and sell it - he would only do this if he believed he would get more than the costs of removing, storing, insuring and selling.
The short answer is, you could be at risk of losing your car but it depends on the circumstances. |
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