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T O P I C R E V I E W
bothskint
Posted - 04 August 2009 : 14:25:53 Hi, mMy partner & I are 6 months into our bankruptcy & we were allowed to keep both cars. Each car is only worth about £700. The problem is that one of the cars is about had it & we want to replace it while we could still get the money for it. Are we allowed to sell it & if we are can we buy a more expesive car for say £2000? Thanks Dawn
3 L A T E S T R E P L I E S (Newest First)
bothskint
Posted - 04 August 2009 : 18:29:52 Thank you very much for both replies. What happens when we buy a new car, do we have to inform the OR of the purchase and value of the new one? Thanks in advance
Suzanne
Posted - 04 August 2009 : 16:42:02 Hi bothskint
As both the vehicles have been declared exempt property, you are able to sell them if you wish. The only issue is how you will finance the £2000 to purchase a new one as you can't borrow the money without declaring your bankrupt status as per your restrictions, until you are discharged.
Posted - 04 August 2009 : 15:23:33 The OR has let both my Wife and I keep our cars (mine for work and hers for domestic purposes as we life in a rural community)
My car was valued at £2500 and the OR has let me keep it. She said that the threshold is £2000 but she could not see it any real value in making me sell it to buy something £500 cheaper
