I am considering bankruptcy at the moment, however i have a car probably worth £2000. Will they I have to hand it over? Is there any way of avoiding this?
if you can demonstrate a real need for the car such as travelling to and from work, or if you transport a close relative that has mobility or other health issues then you may well retain the car.
If it is in the main for convenience then it is at risk.
As John says as long as you can clearly show that you have a need for the car like for getting to work, hospital appts, kids etc then the OR may consider this it is down to the OR at the end of the day but as long as you can make a good case and show them without a doubt then you are half way there.
Hope that helps.
Jo x
25 Weeks down Yippeee!
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Edited by - Needafriend on 23 January 2009 09:22:46
As John quite rightly says, as long as you own it outright and can demonstrate a clear need for it, you should be ok. Bear in mind that the OR (in these cases) will allow an individual to keep a car up to the value of £2,500.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
I am considering bankruptcy at the moment
Posted - 23 January 2009 : 09:03:50
Yippeee!
Im getting there!
