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T O P I C R E V I E W
choc2497
Posted - 06 September 2009 : 21:34:14 We have a bankruptcy date for November but have the problem of having a car worth over £3000 (approx £3500). We have three kids and it is a kia sedona. We got a bigger car to fit all the seats and their stuff in, but the CAB have told us we wont be able to keep it. I am now worried though as the car is playing up and needs some work done which i think may cost a fortune. I dont want to pay for work done if the car will be taken off us, but our court date isn't until november. I was thinking of selling this car, buying a car for around £2000 and using the rest for bankruptcy fees. My husband however thinks that the OR will come down heavy on us for doing this and that we will be penaliased. Anyone any advice?
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 07 September 2009 : 21:55:43 i have always found it better to be prepared andarrange everything FIRST rather than risk the unknown.
There is no safety net in bankruptcy so it is really worth not rushing and getting everything right.
Posted - 07 September 2009 : 12:30:55 Hi choc2497. My husband and I went bankrupt at the beginning of June. We had to write a statement for our car to be exempt from our bankruptcy. This was declined, so we are now taking it to court. Our date is the 30th Sept and I have everything crossed that we can keep it. Good luck for you guys too.
Reviva UK
Posted - 06 September 2009 : 22:15:50 Hi
I think this was answered previously.
you can sell the car, downsize, use some of the surplus funds for the bankruptcy fees and give the balance to the Official Receiver.
you will be able to keep the car if you genuinely need it to get to work .
