Author Topic: Can I keep my car?  (Read 4189 times)

gibraltar

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Can I keep my car?
« on: Jul 11, 2009, 07:27:46 AM »
I heard that you can keep your car under bankruptcy if it is worth less than £3k. Is this right?

Re: Can I keep my car?
« Reply #1 on: Jul 13, 2009, 12:31:49 PM »
Yes they do take the value of the car into consideration and the watermark as about 3,000, but they also take into account whether you need the car for work or not. If you do, you may be able to keep it unless it is an expensive one.
fitness

cuteadder

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Re: Can I keep my car?
« Reply #2 on: Aug 02, 2009, 08:33:00 AM »
I have never heard about the 3k rule.

But going back to the creditors seeing their money... if your using that car to get to work and pay them money from your earnings then they are not going to stop that...

just keep talking to your creditors and explaining the situation, you'll be fine

smallville

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Re: Can I keep my car?
« Reply #3 on: Aug 03, 2009, 03:43:55 PM »
When I went for bankruptcy I had a third hand car bought for £400 It was never an issue for me.
For me personally it was never taken into account and I kept the car.

gordonblair81

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Re: Can I keep my car?
« Reply #4 on: Aug 03, 2009, 04:50:09 PM »
Im guessing this is a case from England but in Scotland an asset is only something valued at over £1000 so therefore a £400 car would be left alone whereas a £3000 car then has £2000 profit in the car and whoever deals with the bankruptcy will see this as money that could be put towards debts - £2000 be it the car ebing sold or somebody paying £2000 into your bankruptcy.

The decision is yours.

new age

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Re: Can I keep my car?
« Reply #5 on: Aug 07, 2009, 12:14:34 PM »
I think it boils down to how much the car is and common sense will prevail. I think there is a general rule of around 3,000 anything more and you lose the car - don't quote me on that. CAB will know.
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bankruptcy.co.uk

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Re: Can I keep my car?
« Reply #6 on: Aug 16, 2009, 01:13:09 AM »
1) You can keep your home if it is in negative equity.
2) You can keep your car if you use it for work, need it for travel as you live in a rural area and the value of the car is below £1500. Any value above this and it becomes the discretion of the official receiver.
3) There is VERY little chance that any bailiffs will enter your home and remove your belongings. This occurs generally only in cases where fraud is suspected.
4) The chances are your name will not even appear in the local paper.
5) Bankruptcy is no longer a punitive measure and as such there is even chance that you will not have to appear in court.
Raphael Gilbert
Head of Insolvency Divison www.ban