Bankruptcy & car assistance Lon from employer

whatanabsolutemessiamin

Hi, if I was to apply to be made bankrupt, would I still be able to keep my car? It’s on a car assistance loan through my employer, less than 3 years old and worth £8000, paying around £130 a month with 4 years to go on payments. 

I have children and use my car for school and work.

thanks 

MrFrugalFever

No, your car cannot be worth more than £1,000. It is an asset that may be sold to pay back the loan and any excess to the OR.

JCS1

The car is worth £8k, but how much finance is outstanding, and what type of finance is in place?
You may be allowed a car up to £1k, but it has to be a necessity.