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myself and my wife are going to file for bankruptcy shortly.. the only thing that is possible going to stop us from doing this is that if we go bankrupt we will loose our car (which currently has finance on it HP, which we pay £320 pm for to welcome finance) which i am told as it is worth £4000 on a good day and has £7000 remaining on it.....

 

I read everywhere that it seems i will loose the car, and will have to buy a car for less money.? how do i get the money to purchase a car.??? Both my wife and i need a vehicle to get to work, take our children to school, go shopping etc.. as there is no public transport to take me to work (which is a 30 mile round trip every day) how will we manage.? as we live out in the sticks .

 

we have over £100K of unsecured debts which is currently being managed through gregory pennington (which we only pay £200 pm to our creditors and have been doing so for 5 years now) we have no assests and live in a rented property. we just want a fresh start... but we need a roadworthy reliable vehicle. Do i just hold off going bankrupt until the finance is payed off to welcome (Oct 2012) where the car will be only worth around £2500 at that point and we will have a car that the OR will let us keep.?

 

The prospect of loosing our car is not an option for us the stress of not being able to get to work and take our children to school outweighs the benifit at the moment of going bankrupt...

 

Can anyone advise.?

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If you break the agreement, with welcome and gregory you will have £520pm spare, It will take welcome 3 months to take action and possibly 3 months by your other creditors. So if you pick up a run around for £1000 and save the £560 to pay for your bankruptcy you should be ok. And one more thing, make sure the car isnt on your names.

˙os op oʇ pǝʞsɐ ssǝlun ǝƃɐssǝɯ ǝʇɐʌıɹd ʎq ǝɯ ʇɔɐʇuoɔ ʇou op ǝsɐǝlԀ ˙pǝɹnɔɔo sǝssol ʎuɐ ɹo ǝɹnlıɐɟ ɟo ʇlnsǝɹ ɐ sɐ ǝlqɐıl plǝɥ ǝq ʇou llɐɥs I ˙llıʍpooƃ ɟo ǝɹnʇsǝƃ ɐ sɐ os ǝuop sı uǝʌıƃ ǝɔıʌpɐ ʎu∀

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Once you are in bankruptcy, you will still be saving the 520pm, give it 6 months and upgrade your car

˙os op oʇ pǝʞsɐ ssǝlun ǝƃɐssǝɯ ǝʇɐʌıɹd ʎq ǝɯ ʇɔɐʇuoɔ ʇou op ǝsɐǝlԀ ˙pǝɹnɔɔo sǝssol ʎuɐ ɹo ǝɹnlıɐɟ ɟo ʇlnsǝɹ ɐ sɐ ǝlqɐıl plǝɥ ǝq ʇou llɐɥs I ˙llıʍpooƃ ɟo ǝɹnʇsǝƃ ɐ sɐ os ǝuop sı uǝʌıƃ ǝɔıʌpɐ ʎu∀

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