i have been advised bankruptcy is the only option for my situation and would like to know i do not own a car but lease one on a contract what would happen to my car as i travel all around the country for work and am worried i'll be forced to loose my car. please help!
First your car does not belong to you and never will if it is on lease and is therefore not an asset of yours. Secondly it sounds as if the car is necessary for you job and bearing these points in mind,it is unlikely that you would lose the vehicle to the OR. However you had better check the lease agreement as it may have a clause whereby if you became bankrupt, the lease would be forfeited.
You may also need to reflect on the amount you pay each month for the car.
if the OR feels that the amount is too great ( i.e.£500 per month for a Lexus ) then they may well insist that the car is returned and a cheaper option be sought.
i have been advised bankruptcy is the only option
Posted - 13 October 2009 : 11:14:11
