considering bankruptcy

alastairq

bugaluggs78 wrote: »

thanks for such a detailed response, it is very much appreciated.

If the OR deems my car as an asset and allow me to keep it, is has to be worth less than £1k?

Looing at autotrader, the prices vary greatly, but if they look at the highest price it could be worth £4-£5k!

It is 14 years old and if they made us give it up, to replace it for another suitable 7 seater, we would be looking at one maybe 20 years old.
A zafira would not be big enough for us, this car is reliable and suits are families needs. We paid £5k for it four years ago.

Yes..currently the IS guidelines state £1000 value.

Bear in mind, this would be auction, or the very lowest value.

Since yours is an import, values can be somewhat depressed compared to home-grown vehicles.

When describing the condition of the vehicle on the BR petition, be accurate and brutal....you are aiming to paint as poor a picture as possible, of its condition.

Could I sell it to my parents for a nominal price before I petition, then just continue using it but not own it? or would that be sussed out?

This would be unlawful [selling of assets for nominal, or below-value sums]

The OR would seize the vehicle, sell it, and your parents would lose the money.

If the finance company allow my husband to keep his finance agreement running, will the OR allow this? it is currently £180 a month, for another 2 years.

Depends exactly what type of finance it is? [HP, loan, etc?]

HP would be up to the HP company....if a loan, then it's possible the car will be taken by the OR, sold, your OH then given £1000 to buy a replacement [if allowed as an asset, of course]..

Can all this be determined before we go ahead with Bankruptcy?

Not really, no....BR cannot be pre-ordained...it doesn't occur until the hour, on het day [you could change your minds, after all]...

Your local CAB, or one of the other debt charities mentioned above, will give you a better idea once your SOA has been scrutinised.

Be aware, in BR [unlike, I suspect, IVA?] everything pretty much is subject to negotiation between yourselves and the OR.....and nothing happens until a mutual agreement has been reached.

If this company plan to go for a ccj for each of us then a charging order, how long realistically have we got? (to get the money together)

For your answer to this one, see Mr Mouse's post above, or await his response?

bugaluggs78

so I can't sell anything prior to petitioning, even if the money was used for paying for the Bankruptcy?

alastairq

PS...nothing to prevent your parents buying a car, then allowing you to use it.

It is ownership the OR is interested in.

[ensure your name are on the V5c as Registered keepers...and you insure it yourselves, however]

alastairq

so I can't sell anything prior to petitioning, even if the money was used for paying for the Bankruptcy?

Yes you can...but you must sell assets for the value..or 'worth'....or more.


But not for less.

bugaluggs78

If the OR decides my import is worth more than £1k, what if they get less then they think its worth at auction?

Assuming they get more than £1k, I would still get £1k to buy one?

Sorry for all the questions.

If the OR value it at a price, we could buy it for that price?

bugaluggs78

alastairq wrote: »

Yes you can...but you must sell assets for the value..or 'worth'....or more.


But not for less.

that's the thing though, these imports seem hard to value, a local garage to me said it was worth about £1500 yet on auto trader some are £5k!

If its worth the £1500, could I just pay the extra £500 to the OR and keep it?

alastairq

that's the thing though, these imports seem hard to value, a local garage to me said it was worth about £1500 yet on auto trader some are £5k!

If its worth the £1500, could I just pay the extra £500 to the OR and keep it?

since it is unlisted [an import]...I'd be inclined to value it as sub-£1000.....in other words maybe 7 or 8 hundred to start with?


When trying to find valuations from garages, what they think it is 'worth'...and what they'd actually give you for it, are two different things.

If the OR wishes to negotiate, then....to give your argument ammunition, ask teh garage person how much they would give you for it....?


And then ask them to write that down, for you to show the OR?

mum2one

Hi, just another thought - I know someone has put the link for the bankruptcy thread, don't worry thats it says 2008 the info is up to date.

In general in you were going bankrupt would it be just you or you and hubby theres a section re going together - and as for the fees its a case of not paying your creditors to get the BR fees.

xx

bugaluggs78

We are only on a DMP, so would take around 6 months to save that to pay for the fees.

Not sure if we are classed as being on a low income to get the court fees deducted or not.

Although, I am now thinking, if my car was truly worth more than I think, I could sell it, buy two cheap run arounds and have enough to pay for the petition!

arcon5

If you sell goods to raise money for the BR fee, presumably you'd be seeking to raise a fair value? Rather than a nominal sum. Nothing wrong with selling assets, just not under-selling them in order to evade and deceit whatever actions the OR would want to take.

My vehicle value is between £1400-£1600. I wasn't asked for any payments and kept the vehicle so there are no hard and fast rules.

Can you stop paying other creditors and maybe offer slightly more to this particular one to keep them quiet for a while longer?