What happens if you only own a cheap car which is needed to go to work, live in rented accomodation, don`t earn more then £ 1,100 per month but own a horse? Will that pet be classified as an asset and taken away?
The car would be down to the OR and making sure that you can proove without a doubt that you need it for work, which i would think for its value and from what you have said should be ok.
The horse is an asset, as their are additional costs involved with keeping a horse and this extra money is non essential so the OR may think differently about that.
What value is the horse? Have you had it long? What sort of upkeep costs are we looking at in order to keep the horse?
The OR may want to free up money from the horse upkeep for the benefit of the creditors. But again its down to the OR at the end of the day.
Thanks
Jo x
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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!
What happens if you only own a cheap car
Posted - 03 January 2009 : 09:45:53
