Assets/bankruptcy

desmonds

Hi All,

Can anyone advise me on whether a car worth less than £1000 can be taken from me by the OR leaving me with no car?

The examiner has arranged for it to be picked up but it has some sentimental value and I thought that assets worth less then a certain amount are not taken, and if so, why would they want my car worth less than £1K saying I bought it for £800.

Can I ask to keep it? and should they be asking for it anyway?

I will have no car to get to work which is 15 miles away and 2 buses.

can anyone help

Desmond

immoral_angeluk

If you can prove you need the car for work or if you'd be financially worse off getting 2 buses then in most cases they let you keep it. I'd give your OR a ring.

desmonds

The Insolvency website states "You can keep the following items unless their individual value is more than the cost of a reasonable replacement:

tools, books, vehicles and other items of equipment which you need to use personally in your employment, business or vocation;
clothing, bedding, furniture, household equipment and other basic items you and your family need in the home."

If they take the car then I will end up having to get a similar car for the same amount which just defeats the object.

I need a car to get to work because I work shifts and on-calls etc

Desmonds

sarah_skint

find the bankruptcy club and supporters club thread - all answers will be there

tight_jock

desmonds wrote:

The Insolvency website states "You can keep the following items unless their individual value is more than the cost of a reasonable replacement:

tools, books, vehicles and other items of equipment which you need to use personally in your employment, business or vocation;
clothing, bedding, furniture, household equipment and other basic items you and your family need in the home."

If they take the car then I will end up having to get a similar car for the same amount which just defeats the object.

I need a car to get to work because I work shifts and on-calls etc

Desmonds

If you need a car to get to your employment then they should not touch your car. We were told that the OR was not in the business of making life more difficult for us. Our first car (value around £1800) was exempted and we were to lose the second one (value around £800)
we appealed against the second one and were guven the opportunity for a "friend" to buy it and lend it to us. This was basically a paper exercise. We offered 350 and I have today given that to OR and got a receipt to say my friend owns it!!!!!!!!! Still my name on all paperwork - work that one out.