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moonstriker
Starting Member
17 Posts |
 Posted - 28 November 2008 : 09:05:49
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Can you please tell me?
The family car was purchase quite some time ago now, in my name.
If I now change the ownership of it to my wife who is not going BR, will I end up in trouble, or what? Its value is something like £1500-£2000 and I am concerned it may be taken by the OR
Regards
David
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 28 November 2008 : 09:10:54
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Hi
you can't just change the ownership without consideration ( i.e. receiving money to the value of the car). This is because the OR will view this as hiding assets and that is not good.
If you legitimately need the car to go to work then it is likely to be excluded from Br by the OR. They usually exclude cars up to 1500 - 2000 depending upon area.
you will however need to request it be exempted from the Br estate
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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debtrider
Junior Member
494 Posts |
Posted - 28 November 2008 : 09:22:08
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Hello Moonstriker
If you change the ownership of your car to your wife’s name then in effect you would be disposing of an asset and OR would be interested in this.
If your car is only worth between £1500 and £2000 and you need it for work then OR will let you keep the car.
Debtrider
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moonstriker
Starting Member
17 Posts |
Posted - 28 November 2008 : 09:22:25
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Thanks Paul
David
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debtrider
Junior Member
494 Posts |
Posted - 28 November 2008 : 09:30:24
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I was wrote my reply before Paul but he posted his just before mine, so I didn't just copy his reply. Glad to see he has the same views as me on your car. I'm getting good at this.
Debtrider |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 28 November 2008 : 09:39:08
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Hey Debtrider
Before you know it you will be an expert too. Fancy the job ;-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Edited by - Needafriend on 28 November 2008 09:39:29 |
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debtrider
Junior Member
494 Posts |
Posted - 28 November 2008 : 09:49:26
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hello Jo
I think after going through the bankruptcy experience, we all becomes experts but at different levels.
Debtrider |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 28 November 2008 : 10:10:14
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Hi agree with you on that one, its just your doing such a great job ;-)
Have a great day.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Selling my car?
