Hi, mMy partner & I are 6 months into our bankruptcy & we were allowed to keep both cars. Each car is only worth about £700. The problem is that one of the cars is about had it & we want to replace it while we could still get the money for it. Are we allowed to sell it & if we are can we buy a more expesive car for say £2000? Thanks Dawn
The OR has let both my Wife and I keep our cars (mine for work and hers for domestic purposes as we life in a rural community)
My car was valued at £2500 and the OR has let me keep it. She said that the threshold is £2000 but she could not see it any real value in making me sell it to buy something £500 cheaper
As both the vehicles have been declared exempt property, you are able to sell them if you wish. The only issue is how you will finance the £2000 to purchase a new one as you can't borrow the money without declaring your bankrupt status as per your restrictions, until you are discharged.
Thank you very much for both replies. What happens when we buy a new car, do we have to inform the OR of the purchase and value of the new one? Thanks in advance
Hi,mMy partner & I are 6 months into bankruptcy
Posted - 04 August 2009 : 14:25:53
