| T O P I C R E V I E W |
| lawrence |
Posted - 02 April 2011 : 19:09:14
Hi
I am considering bankruptcy but one of my concerns is that I have a classic car in my garage that gave to my son 3 years ago on his 25th birthday. The car is registered to me as he has nowhere of his own to keep it. I thinks value would be of interest to the authorities. I don't want to be seen to 'hiding' it but I would also be very upset (as would my son)if they took it away because I can't prove it's his.
Any advise would be much appreciated.
Cheers
Pete |
| 4 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 04 April 2011 : 10:11:02
Lawrence, if you can post a bit more about your situation we may be able to offer more advice.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| Reviva UK |
Posted - 03 April 2011 : 23:56:50
If the car is of nominal value then a gift is not a problem. If however if your were is a financial challenge when you gave the car away AND it is of significant vale then there is likely to be a problem.
Really suggest you get some telephone advice on the matter.
Pau
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
| moodybluetwo |
Posted - 03 April 2011 : 11:08:01
I think if you were to sell the car for a realistic value and put that money back into the estate that should be OK...but this is one for an expert. |
| Viki.W |
Posted - 02 April 2011 : 20:00:33
Hi Pete,
It will more than likely be at risk, how much is the car worth?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
