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

Moderators: TalbotWoods, JaneClack

By kaneda7777
#4413 Hi was just wondering if anyone could tell me what sort of things they will take from me when i go bankrupt as in (assets) also at what stage do they do this. I owe 45k.

Also the only really expensive asset i have is my car which is about £1000 am i not better selling this before i go bankrupt?

thank again :)
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By Nicky
#4416 I very must doubt the OR will be interested in your car, you might think its worth £1000, but it wont be to the OR, especially if you need it for work.
By sbadvm
#4420 @ nicky,

you say the OR won't be interested in a car worth £1000 but I've just had my interview and been told that my car will more than likely be taken from me.Its only worth about £500 at the most.

I am unemployed at the moment but due to my rural location a car is needed to be able to get a job as the public transport is a joke.The OR wasn't really interested in this explanation.

I've read loads about what people are allowed to keep and what their not over the last couple of months so the advice I'd give others is never assume that the OR doesn't want what you've got no matter how little you think its worth.

steve.
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By JaneClack
#4422 I should argue this with the OR - if you can prove there is no rural transport system you need transport. However if you are unemployed with no children to take to school and there is a bus system he may well suggest that you get rid of the car!
By sbadvm
#4425 hi sarah,

I did point out to the OR that I needed the car to look for work but she pretty much dismissed it.I told her it was a catch 22,no job i lose the car...no car can't get a job.I do have kids and do use it to pick them up and take them to school,though not all the time.The bus route only springs into life after 7am.

I'll find out for definite this afternoon whether they want it or not when she's spoken to her superior.Did tell me not to get my hopes up though.

steve.
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By Nicky
#4426 Very true Steve, you should never assume anything.

However, if your car gets taken then you obviously have a very unreasonable OR. A car with a value of £500 is worth nothing to an OR, it seems a very spiteful thing to do to take it. Generally a car which is worth around £2.5 - £3k is something that is worth the OR doing something about it. £500? not worth it at all. Not worth the time it would take to sell the car, and what they actually got for it would make hardly any difference.

Like I said, if they take your car, knowing you need it and have no chance of getting employment without one, they are obviously very heartless and its folk like these who give all the others the bad press.

Maybe you should tell them if they take the car you will be writing to The Daily Mail about it. "Official Reciever Takes Car Worth £500 Preventing Bankrupt Returning To Work". They certainly wouldnt like that.
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By JaneClack
#4427 and that is precisely the reason the OR would not reasonably take the car - do discuss this again!!
By sbadvm
#4431 thanks for the replies.Just an update on the situation....

I've had a phone call from the OR and she's said I can keep the car on condition I get a letter from the benefits place stating I'm actively seeking work.Obviously her superior has a heart :D

I do have another car valued at £150 which is a non runner and sorn'd off road which she says they will be having though.The state its in its only fit for scrap or spare parts so I don't know what benefit they'll get from it but I'm not too bothered about that one.They can put the £15 scrap value towards paying my creditors lol.

Anyway,thanks for listening.

steve.
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By Nicky
#4432
sbadvm wrote:I do have another car valued at £150 which is a non runner and sorn'd off road which she says they will be having though.


She probably told you that to try and scrape back some face after telling you you would most likely loose your car regardless of it you needed it to work or not and was put straight by her superior. :roll:

She probably did you a favour getting it away from your house.

Glad (although, not surprised) you were able to keep the other car tho. :wink:
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By JaneClack
#4433 nice of them as you have to pay to scrap a car now!!! :lol: