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 help!!! car concern with bankruptsy
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pink-a-boo
Starting Member

8 Posts

Posted - 07 October 2008 :  22:24:14  Show Profile  Reply with Quote
does anyone know for sure whether you are allowed to keep your car when you are bankrupt, and to what value it would be considered an asset - or is there any circumstances in which you would be allowed to keep it??
as i am really worrying as it appears bankruptsy is going to be the only option for me, but i need my car for work and also am full time carer for my mum who is severly disabled, so my car is needed so i can get to my mums. can anyone help and give me advice??? thanks

BankruptC
Senior Member



1030 Posts

Posted - 07 October 2008 :  22:28:39  Show Profile  Reply with Quote
Hi Pink and welcome (LOVE the name, by the way!)

If your car is worth less than £3000 and you can show you need it for work etc, it should be exempted by the OR.

Remember it's present auction value you're looking at.

C. x
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jwmc77
Junior Member



United Kingdom
195 Posts

Posted - 07 October 2008 :  22:31:55  Show Profile  Reply with Quote
hi pink a boo,
as far as im aware, if the cars worth under about £2500 then the or will show no interest..if its worth more it would probably be worth selling and buying a cheaper one.....im sure the experts will give you solid advise but untill then i dont think im too far off the mark.
hope this helps.

MAC
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Nat
Junior Member



367 Posts

Posted - 07 October 2008 :  22:32:26  Show Profile  Reply with Quote
Hi Pink

If it is worth mre than £3k the OR will want it but will give you £3k to get another as long as you can show that you need it for work.

Hope all goes well for you

Nat
x
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pink-a-boo
Starting Member

8 Posts

Posted - 07 October 2008 :  23:13:43  Show Profile  Reply with Quote
thanks for comments everyone x
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