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 will I have to give up my car
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beth.ll
Starting Member



3 Posts

Posted - 07 January 2010 :  15:02:02  Show Profile  Visit beth.ll's Homepage  Reply with Quote
will I have to give up my car, its in my husbands name and worth 8000

Richard P
Senior Member



United Kingdom
1701 Posts

Posted - 07 January 2010 :  16:07:47  Show Profile  Reply with Quote
Hi beth

Depends on

if hubby is also going BR

whose name the loan is in, the type of loan

If your income was used to calculate the value of the loan

normally in bankruptcy you are allowed to claim a car upto the value of £2K provided that you can show a work need for the car.

if you are planning to go BR and your husband is not, be mindful that when you successfully obtain BR, all joint debts will transfer to him (maybe a good thing if the relationship is very turbulent !)

regards Richard
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Niobe
Administrator



United Kingdom
4590 Posts

Posted - 07 January 2010 :  17:37:18  Show Profile  Reply with Quote
If it is only you going BR then your husbands car should be safe. Otherwise, I think you might have to sell this and get a cheaper model.

Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.

Jan
xx
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