Bankruptcy with only wife’s income

broaps

JCS1 wrote: »

It depends on the circumstances of the person going bankrupt and if can be exempted or not. if not, it get taken regardless of value. I've also known for vehicles which were SORN to be taken.

We have a car worth about £450 but we had to prove we had a medical need for transport because of regular doctor/hospital appointments by emailing medical reports before the OR would agree to exempt the car. We are both retired so have no need of a vehicle to get to work.

maxmycardagain

JCS1 wrote: »

It depends on the circumstances of the person going bankrupt and if can be exempted or not. if not, it get taken regardless of value. I've also known for vehicles which were SORN to be taken.

OK, tell the OR where it is (off road) and cancel the insurance/tax

if the land owner charges for storage is just Karma....lol

(im sure it would be a non-runner when its collected if it was mine)

John_G_Jones

maxmycardagain wrote: »

OK, tell the OR where it is (off road) and cancel the insurance/tax

if the land owner charges for storage is just Karma....lol

(im sure it would be a non-runner when its collected if it was mine)

The idea of bankruptcy, as viewed by most people, is not to screw those you owe out of the maximum amount possible, so why would you do something so vindictive?

With the attitude that you are displaying on here, saying for example that hundreds of pounds is peanuts, you must be at risk of going bankrupt yourself one day. You cannot display the attitude that you do to money and debts and end up in a good place.

When it happens, please don’t claim that it was not your fault, and please don’t try to screw those you owe out of anything as you are suggesting above.

maxmycardagain

John_G_Jones wrote: »

The idea of bankruptcy, as viewed by most people, is not to screw those you owe out of the maximum amount possible, so why would you do something so vindictive?

With the attitude that you are displaying on here, saying for example that hundreds of pounds is peanuts, you must be at risk of going bankrupt yourself one day. You cannot display the attitude that you do to money and debts and end up in a good place.

When it happens, please don’t claim that it was not your fault, and please don’t try to screw those you owe out of anything as you are suggesting above.

As if i would do any of that... tch tch

but a few hundred vs 100,000 is hardly worth the hassle, and his creditors NOR the IS will even notice some old van will they

you must be at risk of going bankrupt yourself one day.

everyone is at risk :beer:

maxmycardagain

Why would a broke down/out bankrupt do anything that cost them money is beyond me

but thanks

PrettyKittyKat

As you are a house husband with 3 young children there doesn't seem to be a case for you to keep a van regardless of it's worth. Although I agree an OR will take into account whether it is worth the effort and cost of taking it and selling it, and that is down to their discretion, however the costs of running it could not be allowed for (although saying that you don't actually have any income to pay the costs!).

katyp

I think we must have been incredibly lucky with our IP. We have two cars - one worth about £1,000, the other about £5,000 (which has been 'loaned' to us by my FIL who lives 300 miles away). We both worked in the same company about 1m max from home at the time of the BR. The IP never questioned it, never asked for proof about the 'loaned' car, nothing.

maxmycardagain

katyp wrote: »

I think we must have been incredibly lucky with our IP. We have two cars - one worth about £1,000, the other about £5,000 (which has been 'loaned' to us by my FIL who lives 300 miles away). We both worked in the same company about 1m max from home at the time of the BR. The IP never questioned it, never asked for proof about the 'loaned' car, nothing.

:beer:

well done

maxmycardagain

katyp wrote: »

I think we must have been incredibly lucky with our IP. We have two cars - one worth about £1,000, the other about £5,000 (which has been 'loaned' to us by my FIL who lives 300 miles away). We both worked in the same company about 1m max from home at the time of the BR. The IP never questioned it, never asked for proof about the 'loaned' car, nothing.

:beer:

well done

id had my name on THREE v5 documents in 2008 as reg keeper and the IS rang but had searched the wrong name so never asked about the 3