Just wondering if you are able/allowed to buy a car that is over the £2k value expected by the OR after you've been declared BR and before you've been discharged?
Difficult one - if you had £2k or over to spend on a car you should make it payable to the OR as it is an asset and as such your creditors would be entitled to it. You would not be able to take out credit to purchase the car, but if a relative was to buy you the car for you to use, that would be ok as you would not own the vehicle. Does this make sense?
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Yes, if you've got 2k or more to spare to buy a car it may raise the question whether this was already available when you went bankrupt. If it was then it should have been on the form as cash in bank or something. If it has been accrued since the bankruptcy order then it needs to be declared. If you have found a money lender who will lend you 2k or more when you have told them you are bankrupt then you are very lucky!
Can you buy a car whilst bankrupt?
Posted - 11 March 2009 : 12:16:09
