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| T O P I C R E V I E W |
| Lemming |
Posted - 04 September 2007 : 12:21:13
If I am made bankrupt, will I lose my car?
It is on a hire purchase agreement, but is worth more than I owe on it.
Its vital for me to be able to get to work, as I do not work anywhere near a public transport route.
Can I negotiate who I continue to pay, post BR?
Thanks |
| 2 L A T E S T R E P L I E S (Newest First) |
| Rach1981 |
Posted - 10 September 2007 : 13:02:14
I was declared bankrupt and have 2 cars a rover mini sprite and a renault clio and have got to keep both.Its not usually up to the trustee if u can keep the hp on unless u have equity its up to the lendr wether they wish u still deal with u .as long as its not a mega expensive car u should be ok |
| Johnny Debt |
Posted - 06 September 2007 : 05:57:44
Found this:
"Your car might be sold if it is valuable, but it could be exempt if you can show the Trustee that it is genuinely necessary for your employment. The Trustee might want you to down grade to a cheaper model if your car is more valuable than your work demands.
In any event, since the Trustee has control of all your assets during your bankruptcy, permission to retain the car is only a concession. Since the Trustee (as the official owner) has legal responsibilities for the vehicle, you will have to guarantee that the vehicle will remain legal while you are the keeper. For example, if you allow the car's insurance, road tax or MOT to expire, you will have to notify the Trustee immediately, so they can make arrangements to collect and dispose of it."
Normally if the cars value is approx £1500 or less there is not a problem. |
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