i have a car only valued at £1500 so safe when BR. my wifes car value £6500 is in my name, i am currently looking to sell it nd replace with a cheap car that the OR wont be interested in but as it would be 2nd car in my name would he be interested whatever the value or should i put it in my wifes name (does it make any difference?) my wife is going BR same time as me. also i owe my father 20k if he bought it off me would OR want to see the money from it, because my father was going to buy my car from me and write off 7k from my debt to him. i can prove i recieved cash from my dad so would i be ok showing this as a payment off of the debt to him? also what value is the OR not interested in as ive been told 2500,1500 and 1000 from different sources, regards darren
If you were to do this then it would be seen as preferential treatment to one creditor (your Dad). The OR would most probably try to reverse the transaction or chase your Dad for the money. You would also most likely receive a BRO for the very same reason. I believe it to be £2 1/2k before the OR would have an interest, IF you can show that you need a car that is.
bankruptcy with two cars ?
Posted - 09 September 2008 : 14:36:45
