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Keeping Cars after Bankrupt
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I thought they only took 50 % to 75 % of any excess depending on how much excess you earn?
https://forums.moneysavingexpert.com/discussion/3046220We all die. The goal isn't to live forever, the goal is to create something that will0 -
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As an aside to all the above technical info, don't forget that if you are living apart at time of BR then each of you will be dealt with as an individual. So the issue of just one car being allowed for a partnership doesn't arise.
Is it worth defaulting on the HP agreements, having the cars repossessed and each buying something else, so the HP becomes unsecured and goes into the BR? Then you don't have to worry about affording HP for a car worth less than the outstanding amount.When I joined, I needed a name. The forum members gave one to me...I am INAN
"Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt0 -
OP- have you taken advice from one of the free debt charities? If not, please make sure that you have as you need to be fully aware of your options and the effects of BR (if you decide to do it)0
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Ill prob lose mine, its a c-class merc that I carnt warrant holding onto, but my wifes is just a little diahtsu Siron it only costs £117 a month on HP. She would not be able to work without a car, either that or get taxis to work every morning as she needs to be there at 7am and theres no public transport early enough to get her there, do you think it could be included in her SOA?
Steve0 -
Some information about cars from the Insolvency Service:
http://www.insolvency.gov.uk/guidanceleaflets/MotorVehicles/motorvehicles.htm0 -
It might be an idea to start saving for a very cheap car that she can own, if she gets one of those and needs it for work then she would be allowed to keep itHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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