Car

Losttrack

Hello, how soon after Bankrupcy order is made my car will be taken away ? I am just wondering as I will be still working for 4-5 after and there is no other way of getting to work then by car. thank you

sourcrates

We really need to know at what stage in the process you are at, but just as a guide, the Trustee must be informed of all assets, it is their decision as to what you can keep.

They will arrange for their sale, using the proceeds to pay the fees, costs and expenses of the bankruptcy, before paying the creditors.

If your car is worth more than 2k, its likely it may be sold, unless you can provide a good reason why it is essential to you.

Losttrack

sourcrates said:

We really need to know at what stage in the process you are at, but just as a guide, the Trustee must be informed of all assets, it is their decision as to what you can keep.

They will arrange for their sale, using the proceeds to pay the fees, costs and expenses of the bankruptcy, before paying the creditors.

If your car is worth more than 2k, its likely it may be sold, unless you can provide a good reason why it is essential to you.

Hi. I haven't submited form yet, waiting for pay day, so I will submit my bankruptcy form in 2 weeks time, after that I will be still working for 4 more weeks at my current work place where I need car,  so I am wondering if after submiting form I will still have around 4 weeks with my car before they come and take it away as it is worth more then 2k I think.
Thank you

JCS1

How much is the car worth, and is there any finance outstanding on it?  If yes, what type and how much is left to pay?

Losttrack

JCS1 said:

How much is the car worth, and is there any finance outstanding on it?  If yes, what type and how much is left to pay?

Hi, around 2k-2.5k at its current condition. There is no finance. I believe car will be taken away, as it is worth more then 2k and it will not be essential to me after I leave my job, but I just wanted to know for how long I will be still able to use it after submitting my form. Thanks 

sourcrates

You use Parkers Guide`s lowest price as a starting point to determine value, of course age/mileage and condition also play a part, but on those figures I don`t think they will be bothered with your car.

Losttrack

sourcrates said:

You use Parkers Guide`s lowest price as a starting point to determine value, of course age/mileage and condition also play a part, but on those figures I don`t think they will be bothered with your car.

When I did free valuation it did say 2300 lowest price , but I also did paid one and that one was 1700 lowest as I was able to add mileage which is a lot higher that the free valuation one and other stuff. So I am still guessing my car will be taken away and it will not be considered essential as well as I will be leaving my current job and that is fine with me and completely understandable,  I was just wondering how long I will be able to keep it after I press the button as I don't think someone will come and take it literally next day but just not sure when exactly. I did contact national debt line today as well and they could not answer my question either. Just said I might get an answer if I call insolvency office. 

Just was wondering how long it took for others who went for bankruptcy for their assets to be taken. 

Thank you 

KeepOnKnitting

I had my motorbike taken when I was made bankrupt in 2015. It did take a while, and even then they made an appointment to collect. I suggest that you just keep using the car as long as possible, and IF they contact you to repossess, just give them a date that is convenient to you. They aren't going to be interested in making you stop work and lose income just for the sake of it. You aren't preventing repossession, just delaying slightly to maximise the income that the OR can potentially collect from you. As for calling the OR, I would suggest don't poke the dragon. It's sounding like they are busy right now, so don't go bringing yourself to the top of the pile.

MovingForwards

Why don't you wait until after this job is nearly finished, before submitting the application. That way you've got the car for the period you need it. If you get to keep it afterwards that's a bonus and opens more work opportunities.