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wayne
Junior Member
170 Posts |
 Posted - 22 March 2007 : 14:13:27
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I live in rented accomodation, my car is on HP and I only have a bank account no other assets. What will happen to me if I go bankrupt?
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maff
Junior Member
United Kingdom
179 Posts |
Posted - 22 March 2007 : 16:12:11
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Hi wayne. As for your accomodation there will only be a problem if it mentions anything about Bankruptcy in your contract, otherwise as long as you pay your rent on time most Landlords aren't to bothered. Usually if the car is worth over £2500 then the official reciever will take it to sell and pay your creditors. If you can prove that you need the car for work, taking kids to school etc then you may be given £1500-£2000 to buy another. Bank accounts are usually frozen when you go bankrupt, but after you've petitioned you can then open a basic account with some companies, I know that the co-op bank is one. Don't worry though, you're not alone, I've just petitioned myself.
Good luck, maff |
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Debtdummy
Junior Member
United Kingdom
267 Posts |
Posted - 23 March 2007 : 11:12:32
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wayne, seek professional advise before petitioning for bankruptcy. Contact CCCs, National Debtline and the CAB.
There may be other options available for you.
Good luck.
All I have left is my sense of humour. |
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Rach1981
Junior Member
United Kingdom
175 Posts |
Posted - 04 July 2007 : 17:11:37
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Hya Maff can I ask you how u got on with your bankruptcy did u lose your car?
Rach1981 |
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What will happen to me if I go bankrupt?
