| T O P I C R E V I E W |
| baxi |
Posted - 21 January 2009 : 20:12:28
Is there anyone here with a car, which was not needed for work, but they managed to keep it and if so, how?
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| 7 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 21 January 2009 : 22:36:30
Hi the OR won't allow money to be put asside for things that may happen in the future ( except due mortgage / rent and living costs for the month).
However if it is all sorted out first - and a clear paper trail of what happened and when - then it will be OK.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| baxi |
Posted - 21 January 2009 : 21:31:40
Thanks John,
What if she will not be paying a deposit for a rental home before she goes BR? |
| coxy |
Posted - 21 January 2009 : 21:29:53
That was the other thing he said if i sold it and told OR used the money to go br. |
| John |
Posted - 21 January 2009 : 21:29:12
Hi
that's perfectly ok as long as she pays the deposit before BR. She should also ensure a paper trail exists for the transfer of monies from the buyers account to hers.
That way the car may continue to be registered in her name and insured and driven by her too.Just ownership will be with the family member (purchaser).
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| coxy |
Posted - 21 January 2009 : 21:26:27
HI
I am in the same situation and have been told im gonna have to come up with a good reason to keep the car its only worth 800 but if the OR takes it off me my chances of finding work go from slim to even slimmer.
Its a vicous circle if the OR takes the car and i get a job how do i afford another car. |
| baxi |
Posted - 21 January 2009 : 21:16:46
Hi John,
What if my wife sold it to a family member (for the going rate) and then kept the money towards a rental deposit? She is moving back into her mums for a bit and will pay rent to her before looking for her won rental place. |
| John |
Posted - 21 January 2009 : 21:12:37
Hi
if you're declaring bankruptcy and do not work it is extremely unlikely you will keep it I'm afraid.
Perhaps if a close family member were not to be very mobile and relied on you for doctors / hospital / shopping you may have a chance, if it were worth a couple of hundred pounds. Other than that it will be claimed.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
