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 Considering Bankruptcy, but a few concerns
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Starting Member

United Kingdom
4 Posts

Posted - 05 August 2009 :  12:19:08  Show Profile  Reply with Quote
we have been dealing with a debt which has spiralled out of control over a period of about 9yrs, due to gaps in work and illness(I was self employed)We eventually went with CCCS who handled our case, but more problems reduced our income to a level which CCCS said was too low for them to be able to offer any money to our creditors. We have continued to pay a very small amount to the creditors ourselves but feel it can't go on, so are now considering bankruptcy but have a few concerns.
We have debts of over £50K, live in rented accomodation in a rural area and have no assets other than 2 cars, valued at £2000 and £1000.
First concern is that I will shortly be starting new employment which is 40miles away and so will need my car(£2000) and as we live in rural community my wife really needs her car as well, especially as she will be looking for a new full time job which will require her to travel at least 12miles.So will our cars be in danger of being taken?
Also, my elderly Mother(90yrs) has an RBS deposit account (about£6000) which she has used to save money for her final expenses, but she wanted my name on it as well so I would have access to the money when the time comes. Will this be included in the equation if I declare bankruptcy?
Thank you

Average Member

United Kingdom
869 Posts

Posted - 05 August 2009 :  14:03:23  Show Profile  Visit Suzanne's Homepage  Reply with Quote
Hi rob

As you both need your cars to obtain work, there would be no issue with you claiming them as exempt assets, and they are under the value the OR provides for.

As the account is in your mothers name and you are just an additional name, and presuming you have made no contribution to the account, I think you have a fair argument that you have no interest in that account.

It does sound as if Bankruptcy is a viable option for you both now.

Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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Starting Member

United Kingdom
4 Posts

Posted - 05 August 2009 :  14:39:17  Show Profile  Reply with Quote
Thanks for that. She did this after my Father died a few years ago, but the account name is actually D&R ..... the R being me, so I suppose it's actually in joint names. Does that make a difference, or do you think her money should be safe enough?
Thank you
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