If the car is in negative equity or has equity of less than £2,500 - £3,000 it will be exempt from the estate as long as you can demonstrate that it is necessary for work etc.
Hi I would say, as your name on the V5 does not constitute ownership, that as a 3rd party is paying the finance that the car legally belongs to him and therefore, irrespective of the car's value, it is safe.
filing for bankruptcy. Will my car be safe?
Posted - 20 October 2008 : 12:21:36
