Bankruptcy HELP!!!

janinemann

Firstly, I have a lease car that I pay out of my wages before tax, insurance and pension. Will I lose car?
Can anyone help on how much you are allowed to live on for expenses? It’s just me and a 16 year old at home.
Any advice please 😢

mwarby

A lot will depend on whether you can convince the OR that you actually need a car

If you need to do a lot of mileage, or a reliable car is vital to your continued employment its possible to keep the car if the lease company is happy to continue(the OR cannot control this). You'd need to convince the OR that the costs of running the lease car are better than running a cheap used car

The OR might determine
- you don't need a car, so no budget for car running costs
- you need a car but not one worth more than £1-2k
- you need a car and can keep existing if lease company is OK with it

Minkym00

How much is the monthly payment?

janinemann

£180 per month, that includes everything except fuel. I need the car also for my daughter, she is epileptic
There would be a fee to return the car

philnicandevan

also...have you looked at any paperwork you have for the lease?....maybe a bankruptcy clause in it


If the OR refused to let you keep the vehicle the payment needed on return & cancellation wouldnt matter be classed as a debt and covered by your bankruptcy

Minkym00

Ok, £180 isn't silly money so you should be able to keep it, especially given your daughter's epilepsy. Put up your statement of affairs for the forum to give advice on your expenses

janinemann

I will do, I am scared I am going to be left with literally nothing with nothing to fall back on (credit 😢)
Such an awful awful mess
I hope I keep car, my bus fares to work on weekdays will be £80+ not counting weekends. Then shopping and if I need to taxi in emergencies

janinemann

I can’t have a debt with work returning the car, last time I got a quote to return car it was £1500

janinemann

Do single parents do ok on bankruptcy? A quarter of my income is maintenance and child benefit. I will lose that in 2 years