My Brother is also declaring bankruptcy, so should be good for us both to go through it together. His car however was given to him by our parents as a present. its worth about 3k and he is worried about loosing it. If he transfers the owner of the car to say a family member, so it means he is not the owner. will the OR allow this then? (obviously letting him use the car)
Paddy - the OR may access DVLA and see it as giving an asset away (sure there is a better way of wording that!) I wouldn't advise it just in case the OR wants to recover the value of the car. Check its value again with autotrader and find the lower valued cars to compare it with. I'll let the other experts advise you further from here.
The car is an asset, and therefore should be made available to creditors unless the OR exempts it from such proceedings. There are not real rules as to the value limits, but anything worth over £2,000 is generally at risk.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
brother is declaring bankruptcy, car question
Posted - 11 June 2008 : 12:35:56
