Car in bankruptcy

jwmc77

Hi guys, this is the second time I'm (possibly) looking at bankruptcy, me and my wife both went br in 2009 and now I solely am looking at it again....both were for very different reasons but this time round my wife only works 2 hours a day which covers the monthly payment on a loan in her name, I pay everything else out of my wage which is just about manageable minus the debt I'd be looking to offload.
My main concern is that my car will be taken in br, it's 7 years old and I've done an online valuation at 3k in showroom condition (which it very much isn't), public transport isn't an option as im on a call out rota so I can be called to work at any time, I also take my wife to work at 5:30 am, how likely is it I'd be able to keep it,?

bradders1983

Well you said you are on call out, so you need it for work. Prove you need it for work and you keep it.

thevdm

If it's truly worth over £1,000 (in it's acutal condition) to the OR, they may well take it and give you upto £1,000 to buy a car with. By the sounds of it having a car is pretty essential to your job so you should be allowed to keep some form of a car.

In reality, if they could take the car and sell it for £1,500, they may well just let you keep it, as the £1,000 you'd be allowed to buy a cheap car, plus the fees involved with taking the car and selling it would make the whole thing not worthwhile to them.

The main problem is, that it's all up to the OR, there's no hard and fast rule as to what would happen.

JCS1

bradders1983 said:

Well you said you are on call out, so you need it for work. Prove you need it for work and you keep it.

Depends on the value.  General guidelines are £1k for a car.  if worth £3k, OR may sell, and give somebody an allowance of up to £1k for a replacement.