my wife and i jointly own a caravan in the name of mr and mrs can this be siezed as an asset when it is only my debts in my name that will make me bankrupt.Also i owe about £1400 on a car but as i use the car for my work as a minicab driver can the finance company repossess it i had finance for 48 months and paid 39 months
a caravan, much the same as any other asset, can be claimed by the OR in bankruptcy.
I'm not sure about hp repossessions on cars that have only 7 payments to go. Theoretically my guess is yes they can but hopefully someone more knowledgable re hp will post their answer.
the car would really depend upon the value of the car less the amount outstanding.
If the car was worth £5000 and you awed £1400 then the "equity" would be £3600. This would certainly be sufficient for the OR to force the sale , clear the HP, provide you with funds for a replacement but cheaper car whilst retaining the balance for the estate
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
my wife and i jointly own a caravan
Posted - 27 November 2008 : 21:37:02
