Vehicle & Bankruptcy

Mart7379

I have access to a car and pay majority of running costs for this vehicle with my wife, however this vehicle does not belong to me. After taking advice from previous chats on here and Stepchange I have been advised to declare bankruptcy. In regards to the vehicle will the official receiver see this as an asset even though the vehicle does not belong to me?

fatbelly

No. How can it be? It belongs to someone else.

Mart7379

Yeh it does but just wanted to double check. 

Mart7379

Also wanted to check as I contribute towards the cost of the finance as well 

Morfx

Mart7379 said:

Also wanted to check as I contribute towards the cost of the finance as well 

How so? Who's name is the car in? I believe you won't be able to contribute any further.

Mart7379

The vehicle finance is in my parents name. No, I understand my contributions towards the finance agreement will not be allowed. But only contribute as goodwill, there’s no contractual agreement between me and the family member.

Morfx

The OR will not allow you to contribute to another person's finance plan.

Mart7379

Yeh I understand that. The responsibility of insurance, tax and other associated costs are mine though as I and wife drive it the majority of the time, to and from work and to assist relatives with disibilities