I just need an answer

taxico

I ama self employed taxi driver living in a rented property. i have got into serious debts through loans and c cards to the tune of 40k. If made bankrupt would my car which is my main tool for earning be taken away. The car is worth about 3,500 and i transfreed it into my wifes name about 4 weeks ago becuase i could not keep up the payments, she has taken the payments over and letting me use it for work. Oh what a state ive got into!! help......

fatbelly

Is this hire purchase? Or some other arrangement? If HP, then the car isn't yours, anyway. You probably wouldn't have been allowed to continue with a HP agreement, but if it is in your wife's name now, i think you're going to be OK.

I would still check by finding your local Official Receiver's office and giving them a ring with this hypothetical situation. They are usually fine to talk to.

Does your business involve any other assets, and will being unable to get credit cause your business any problem?

studentindebt

I *think* that if you can prove it is required for you to keep your job then you may be able to keep your car.

Others will confirm this I'm sure.

Good Luck.

file_wizzard

If the taxi is your main source income then it is unlikely that the OR ( official receiver ) would look to claim it as part of your estate if it was owned outright.

If it is still on HP / finance which is now solely in another’s name then this should not create a problem

you are best to take advice from Payplan https://www.payplan.co.uk or CCCS https://www.CCCS.co.uk as bankruptcy may not be the best solution in your situation

and also seek other advice from the CAB