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Will I lose my car/motorbike in bankruptcy? |
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In bankruptcy your assets may be of interest to the Official Receiver, however your car will not be taken away from you in every circumstance, and in fact most of the time you are allowed to keep your car.
Vehicle guidelines
You need to have a valid reason for owning the car, such as getting to work and picking the kids up from school.
Also, if public transport isn't practical, or would be more expensive than the cost of running a car on a monthly basis.
Usually any vehicle exceeding the value of around £2,500 will be deemed too excessive. In some cases the Official Receiver will allow you to keep the car if you buy out the beneficial interest.
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Is Bankruptcy Right For You? |
It could be that bankruptcy is the most suitable debt solution for you.
You may hear that bankruptcy should be considered a last resort, and that you should try an IVA (Individual Voluntary Arrangement), IPP (Informal Payment Plan) or DMP (Debt Management Plan) first, but this isn't always suitable. What's right for you depends entirely on your circumstances as these are all solutions to the same problem, but tackled differently.
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Bankruptcy Assistance Service |
You may find that you would benefit from professional help in completing your Statement of Affairs and Bankruptcy Petition.
From the time that you decide to apply for a bankruptcy order, to the day that you are declared bankrupt, you may seek assistance in order to keep your creditors and bailiffs at bay. In addition, performing your own research into bankruptcy often results in receiving conflicting information, depending on the source(s).
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How to File for Bankruptcy |
After you've sought financial advice, you can either file the required paperwork yourself, or use the help of a Solicitor, Insolvency Practitioner or Bankruptcy assistance service to take care of everything.
Professional guidance can ensure that all Court paperwork is completed, creditors are kept at bay, legal action is averted...
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You will be instantly free from debt and no longer held responsible for any previous debts.
It will be a new start for the whole family so that you build a new life without worryand stress a normal life which you can enjoy. None of your creditors can come knocking on your door execept those who are secured after bankruptcy.
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