Joint debt

fiveyearplan

Hi FP. If your car is only worth £250 chances are it will cost the OR to take it but he will still take it because its a liability issue.

Flowerpot_2

Liability?
FP x

fermi

Flowerpot wrote: »

Liability?
FP x

If the OR can't declare the car an "exempt asset" then it belongs to your bankruptcy estate, not you.

That means that the OR has the responsibilities and liabilities regarding it. Tax, insurance, declaring it SORN if needed, ensuring it's roadworthy if sold, etc.............. Plus obviously the duty to dispose of the vehicle in a legal way.

fiveyearplan

Thanks for the eloquent answer Fermi - I was hoping someone would come along to answer that!

debtinfo

Hi Flowerpot, If you do not have any assets then the OR makes a loss on your case. However overall the 17% fees from other cases balances the books. The OR is having to cut how much it spends on administration this year as there are a lot more bankruptcys that have no assets this year.

Flowerpot_2

fermi wrote: »

If the OR can't declare the car an "exempt asset" then it belongs to your bankruptcy estate, not you.

That means that the OR has the responsibilities and liabilities regarding it. Tax, insurance, declaring it SORN if needed, ensuring it's roadworthy if sold, etc.............. Plus obviously the duty to dispose of the vehicle in a legal way.

Ahhhh, so its the OR's responsibility/liability I understand now.

During my interview it was explained to me that my car (if not exempted) could be bought by a 3rd party from the OR & with their permission I would be allowed still to be the reg. keeper........as I didn't exactly understand this (as ever).....I questioned how I'd be allowed to 'keep it' as I'd still have the running costs etc.,........OR wanted to know about road tax &insurance how long left to run on each & then quickly glossed over my feeble pleas by saying 'you don't have to worry about it for a couple of months anyhow' :mad:

All becomes clear, thanks Fermi
FP x
(still hoping for exemption tho)

Flowerpot_2

debtinfo wrote: »

Hi Flowerpot, If you do not have any assets then the OR makes a loss on your case. However overall the 17% fees from other cases balances the books. The OR is having to cut how much it spends on administration this year as there are a lot more bankruptcys that have no assets this year.

Ho hum :rolleyes: maybe thats why the Brighton OR is being such a pain in the b**..... me & my old heap are a liability
FP x

debtinfo

Cars that are very low value and cant be exempt and no one wants to buy it need to be sold or disposed of. As fermi says the costs to sell a £250 car would exceed the value of the car. Over thet last year(might be a bit longer) the IS has struck a deal with cartakeback scheme which disposes of them for free on behalf of the OR so that the OR can get rid of their liability