Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By chivasgirl
#2844 Cars
I have been trying to sell my car for the last couple of weeks to no avail. I have been advertising at regular price then lower price, now down to what would give someone a wonderful car. I need to have a car for my job as it is part of my job to drive to meetings. My car is probably worth at least £2.5k but as it is an import and there is no parkers guide price for it, I can't even guess what an auction price would be.

My main query is if I can't sell it and the OR decides to take the car, how long would it be before they would provide me with enough to get a new car. I don't start my new job until Monday, am hoping to go and petition on Friday this week and there is no bus route that will take me to my new job.

If I can sell it, and used some to buy a cheap runaround, could I use any of the proceeds to pay for the bankruptcy? If I can't, then there really seems little point in pursuing the sale route at the moment, just let the OR take it and rely on borrowing someone's car until mine is sold.

Advice appreciated.

We are having a valuer come round today to do a proper valuation. We have been asked why we want the valuation and we just said it was for our own personal use. Has anyone had a valuation where the valuer knew it was for bankruptcy purposes and has it made any difference? I know valuers should be impartial but you just don't know.

#2846 Hello

(Can only give my experience as a bankrupt, but I'm sure someone'll be along shortly to advise you better)

I drive an old runaround anyway, but was told during my interview that I would have been allowed to keep a car up to the value of about 4k (this may in part be due to the fact I need it to get to work, there is very little public transport where I live and I have health problems). Every case is different, so can't say for certain of course what would happen in your case.

If you are did have to give up the car, I'm sure the OR would be as helpful as possible in allowing you to get a new one ASAP - ORs are reasonable people, they're not there to make your life hard.

Not sure whether the proceeds from your car could be used to pay for your bankruptcy fee (I assume this is what you meant), but personally I would hold on to it for the time never know. Even if you can't keep the car it'd save you a lot of hassle if it were someone else's job to auction it!
By chivasgirl
#2848 Thanks sadnskint. Well as car dealers in the area won't even take the car, I don't think I'll manage to sell before the end of the week. Haven't got any other way of finding the funds other than either car proceeds or trying to borrow it or leaving it another couple of weeks until I get my first wages. Mind you, by then the creditors will be causing alot of grief! It is strange though how it is easier to deal with them when you know you are more than likely going to go bankrupt.

Only have to wait for this valuation now.... Fingers very x'd.
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By plumduff
#2855 If you need the car for work etc, I wouldnt bother selling it, you may end up with something unreliable. Wait and see what the OR says. I would also wait for your first wages to file for the Big B, what can your creditors do between now and then?
By chivasgirl
#2856 Well the valuation went okay, as we've done some work which we have not now been able to afford to finish (involved removing walls for a large room which we were intending to turn into a larger bathroom than we have, add an extra loo but then still be back to the same number of bedrooms). Anyway, that has made a little difference, but the valuer said he thinks around the same price as we paid 6 months ago. That's something. My in-laws are probably going to be able to help with the beneficial interest and the fees now. Fingers still x'd.

Still have that awful feeling in my stomach all the time - can see how my husband lost 3 stones in weight over a very short period when he was very stressed in his job now. Won't do me any harm to lose weight, even 3 stones, and it's cheaper for food as I just can't eat half the time! Every cloud and all that...
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By JaneClack
#2863 Just think Chivas Girl - when you go ahead you will lose the debt and have a nice figure! I think you are making the right decision... and as you have someone to buy the beneficial interest you really have nothing to lose except those debts and avoirdupois :wink: