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T O P I C R E V I E W
pink-a-boo
Posted - 07 October 2008 : 22:24:14 does anyone know for sure whether you are allowed to keep your car when you are bankrupt, and to what value it would be considered an asset - or is there any circumstances in which you would be allowed to keep it?? as i am really worrying as it appears bankruptsy is going to be the only option for me, but i need my car for work and also am full time carer for my mum who is severly disabled, so my car is needed so i can get to my mums. can anyone help and give me advice??? thanks
4 L A T E S T R E P L I E S (Newest First)
pink-a-boo
Posted - 07 October 2008 : 23:13:43 thanks for comments everyone x
Nat
Posted - 07 October 2008 : 22:32:26 Hi Pink
If it is worth mre than £3k the OR will want it but will give you £3k to get another as long as you can show that you need it for work.
Hope all goes well for you
Nat x
jwmc77
Posted - 07 October 2008 : 22:31:55 hi pink a boo, as far as im aware, if the cars worth under about £2500 then the or will show no interest..if its worth more it would probably be worth selling and buying a cheaper one.....im sure the experts will give you solid advise but untill then i dont think im too far off the mark. hope this helps.
MAC
BankruptC
Posted - 07 October 2008 : 22:28:39 Hi Pink and welcome (LOVE the name, by the way!)
If your car is worth less than £3000 and you can show you need it for work etc, it should be exempted by the OR.
Remember it's present auction value you're looking at.
