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Richdcj54
Starting Member
1 Posts |
 Posted - 22 May 2012 : 23:58:58
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| Do you lose your car if you make youself bankrupt even if you need it go to work |
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year 2029
Average Member
590 Posts |
Posted - 23 May 2012 : 00:27:00
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Hi Rich.
Check this link
http://www.bis.gov.uk/insolvency/Publications
And look at the document entitled 'What will happen to my motor vehicle'.
Personally, I needed mine for work, it was valued at about £2500 (which I believe isnt far off their maximum rule of thumb for car values before they try and sell them), and I was allowed to keep mine.
If your vehicle is valued more, and there isn't a justifiable reason for you to have an 'over valued' vehicle, then they will probably want to sell it, and then let you purchase a cheaper alternative with some of the proceeds (assuming you prove you need a vehicle). The remaining money goes to the OR.
I hope that helps. |
Edited by - year 2029 on 23 May 2012 00:28:37 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 23 May 2012 : 08:00:23
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Hi,
In addition to the above, some peosters have had their cars taken off them even if they were of a low value. You have to prove that you need a vehicle.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 25 May 2012 : 00:18:01
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Hi Rich,
To reiterate the above,
If you can prove you need your vehicle, AND it is of reasonable value, you should be left with it, and it becomes exempt from your bankruptcy estate.
If you prove it is needed, and it is above a reasonable value, (which I believe is about £2500), if you cannot justify the extra value, they may get you to sell it, or they may sell it, and you can buy a vehicle of lesser value.
For example:
If your vehicle is worth £4000, they may sell it, and give you £1000 to buy a new vehcile for your use.
I hope that helps and clarifies.
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Do you lose your car if you make youself bankrupt .
