Bankruptcy help required

anniekaiya

Hey all,

Few questions that seems to be niggling at me, I'm still deciding when to go bankrupt although I know it has to be now as finances are out of control.

First question is I have a vehicle in my name (v05) although it was purchased by my partner 2 years ago, it has his personalised reg on too, the car value is around £3000. Will this be classed as an asset? (It's just me filing bankruptcy) although it's not my car? I just drive it to pick our children up from school and get to work?

Also my partner is self employed and work has been thin on the ground for the last 8 weeks so we have been drawing from my credit card to cover bills and shopping etc they have been large around £1400 each month, as this is just part of our monthly outgoings will they see this as fraud? I'm so worried even though we have been using it to pay debts but the whole is just getting bigger!


Any help would be appreciated

Thank you ,

fermi

The person on the V5 is not the same as the legal owner, so they should not see it as an asset. They will most likely ask for proof that it is his though. i.e. receipts and proof that he paid for it with his funds.

Spending on a CC or cash advances are not fraud, under the legal definition. Taking out credit without a reasonable prospect of repaying it can be or contribute to grounds for a bankruptcy restrictions order/undertaking, but where you are doing it simply to make ends meet the chance of even that is pretty low. The OR's understand that sometimes you don't have a choice if you are to survive.

anniekaiya

Thank you, this is some relief,

The car was purchased 2 years ago as a cash buy? So if we cannot find receipts will they class it as my asset? I could though try and go back 2 years from the local dealer we bought from and source this,

National_Debtline

anniekaiya wrote: »

Thank you, this is some relief,

The car was purchased 2 years ago as a cash buy? So if we cannot find receipts will they class it as my asset? I could though try and go back 2 years from the local dealer we bought from and source this,

Hi anniekaiya

It's a good idea to see whether the car dealer has a paper trail that will help you if you no longer have any evidence of your own. Failing this, the OR may just have to decide whether they give you the benefit of the doubt or not.

I suppose if your credit file indicates that you were already struggling at the time of the car purchase, the OR might infer that a 3rd party must have paid for the car, as you would not have had the means to do so yourself.

Regards

Dennis @NDL