i am starting the process of bankruptcy at present, the only asset i have is a vw polo worth 1800. i have 2 children one who is 2, and even though he doesnt recieve disability at present he is registered at a hospital for delayed allery reaction of every main ingriedent of food. is this good grounds to keep my car through this process?
I would have thought that the car is of low enough value and your reasons justified to keep the vehicle. Just be ready with your 'arguement' as to why it is required in case you have one of the more pedantic examiners!
Is this the only vehicle in the household? If so, you should have little problems, if it is a second vehicle, particularly if the person is not going out to work, itcan sometimes be difficult to retain
Regards, Melanie
Melanie Nicholas CertDR 30 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Hello Natalie, the one proviso I would make here is that some official receivers are now seeking to realise value in vehicles worth as little as £1,000. It may be that the OR will look to extract some equity out of your vehicle whilst providing you with the cash to purchase a new one.
Good grounds for keeping my car through process of bankruptcy ?
Posted - 05 January 2012 : 20:53:50
