Bankruptcy HELP!!!

Options
janinemann
janinemann Posts: 17 Forumite
First Post First Anniversary Combo Breaker
in Bankruptcy & living with it
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 😢

Comments

  • mwarby
    mwarby Posts: 2,048 Forumite
    First Anniversary Name Dropper First Post
    Options
    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
    Minkym00 Posts: 770 Forumite
    First Anniversary Name Dropper First Post
    Options
    How much is the monthly payment?
  • janinemann
    janinemann Posts: 17 Forumite
    First Post First Anniversary Combo Breaker
    Options
    £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
    philnicandevan Posts: 667 Forumite
    First Anniversary Name Dropper Photogenic Combo Breaker
    Options
    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
    Not quite a newbie as you think ;);) (the member formally known as philnicandamy!)

    FINALLY a qualified CAB debt caseworker 2015..:p
    BSC 58 :D
  • Minkym00
    Minkym00 Posts: 770 Forumite
    First Anniversary Name Dropper First Post
    Options
    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
    janinemann Posts: 17 Forumite
    First Post First Anniversary Combo Breaker
    Options
    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
    janinemann Posts: 17 Forumite
    First Post First Anniversary Combo Breaker
    Options
    I can’t have a debt with work returning the car, last time I got a quote to return car it was £1500
  • janinemann
    janinemann Posts: 17 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Do single parents do ok on bankruptcy? A quarter of my income is maintenance and child benefit. I will lose that in 2 years
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards