bankruptsy ? what can they take.

[tonyf333]

if you are going to make yourself bankrupt can they take your car if you need it for work. dont know if im going to do this but just checking things out. the car is paid for and is only worth £2600, but i need to know if they can take it.

[Bazooka Boo]

What happens when you become bankrupt? : Directgov - Money, tax and benefits

[payback68]

Just found this info on the CCCS website:-

 

The Official Receiver will only consider selling certain possessions. Unless their individual worth is greater than the cost of a reasonable replacement then the following items will not be taken.

Clothing, bedding and furniture.

Basic household goods and equipment.

Tools of trade.

Vehicles that are used personally in your employment.

Non-essential items with a high resale value will be taken and sold.

Essential items that can be sold and replaced with a cheaper alternative may be taken.

If your car is valuable then it could be taken and sold. In some circumstances the Official Receiver may allow you to buy a cheaper vehicle with some of the profits.

 

Link to info:- Bankruptcy Advice - Money Advice and Information - CCCS

 

Regards.

[Stagparty]

I think in general terms that the OR will try to sell your car if it is worth significantly more than £2000 and allow you to get another one up to the value of £2000. It's distinctly possible the car would be sent to auction and the prices normally achieved there are well below what most people imagine. With that in mind its disctinctly possible that you'd be allowed to keep it.

 

To get a better idea, why not contact a couple of garages and see how much they would give you for it for cash - as opposed to in part exchange.

[diddydicky]

if you are going to make yourself bankrupt can they take your car if you need it for work. dont know if im going to do this but just checking things out. the car is paid for and is only worth £2600, but i need to know if they can take it.

 

if you are considering making yourself bankrupt why bother?

 

we would need to know your circumstances but generally you will find that if you have diddly squat, the vast majority of creditors will not actually spend the cost of making you bankrupt (1500 or so) despite the threats

 

if you are thinking along these lines then rather than petition for your own bankruptcy ; firstly, your name in the registration book does not make you the "Owner"- only the keeper so if, for instance you uncle willy lent you the money to buy the car then he still owns it- even if he is allowing you to forego payments to him until your situation improves!!!

 

Next write to all your creditors, give them all a list showing all your creditors and debts owning and tell them that you are in such a parlous state that you do not intend to pay anything to any of them and ask them to exceptionally write off the debts, or alternatively - advise them that if they wish to bring bankruptcy proceedings then so be it

 

you may well get a pleasant surprise!!

[tonyf333]

thanks for the info and advice its all a help and very appreciated.

[angry cat]

Bankruptcy, should be the very last route to take!

 

AC

[loopinlouie]

I like the idea of sending creditors a list of the debts, one of mine keeps sending request for financial statement every month even though already replied with three, fed up of it.

 

So will send them a list of debts instead and ask them to help and right them off or make me bankrupt, or ofcourse accept the 1.00 they keep sending me back when paid them.

[Enron]

Definately worth requesting copies of your executed agreements under s77(1) in the case of loans, and s78(1) Consumer Credit Act 1974 for credit cards to ascertain whether they are legally enforceable.

[diddydicky]

Definately worth requesting copies of your executed agreements under s77(1) in the case of loans, and s78(1) Consumer Credit Act 1974 for credit cards to ascertain whether they are legally enforceable.

 

agree and BEFORE you do anything else!!

[payback68]

firstly, your name in the registration book does not make you the "Owner"- only the keeper so if, for instance you uncle willy lent you the money to buy the car then he still owns it- even if he is allowing you to forego payments to him until your situation improves!!!

 

Slightly deceiving diddy, why do you think we have log books (Registration Documents)?. Does this mean that i can say to the creditor when i end up in a situation, that my name is on the document as owner of the vehicle but i don't own it, my uncle does, so therefore you can't take it?, i very much doubt it!.

 

Besides that the OP asked a simple question regarding his/her car and what the OR could take.

 

Tony regarding bankruptcy, personally i would contact National Debt Line before you make your decision and explain to them what your situation is and furthermore it's like AC stated, it's a last resort, but also a good option for some people.

 

 

Regards.

[diddydicky]

Slightly deceiving diddy, why do you think we have log books (Registration Documents)?. Does this mean that i can say to the creditor when i end up in a situation, that my name is on the document as owner of the vehicle but i don't own it, my uncle does, so therefore you can't take it?, i very much doubt it!.

 

Besides that the OP asked a simple question regarding his/her car and what the OR could take.

 

Tony regarding bankruptcy, personally i would contact National Debt Line before you make your decision and explain to them what your situation is and furthermore it's like AC stated, it's a last resort, but also a good option for some people.

 

 

Regards.

 

i know why we have log books thank you- and i know the law regarding ownership and the difference between the registered keeper he owner and offered an "example" of a situation where the registered keeper would not necessarily be the owner.

 

 

 

I also know what deception is and my comment was not!!

 

it takes a dishonest man to sing a dishonest song!!