Bankcruptcy and the car

[Navydog]

Hello all,

Sorry if this is a repeated question.

Just trying to gather peoples experiences when it comes to losing the car. I understand its all down to individuals but was wondering

My car is valued at between 2.5-4k(dependant on where you look). I need a car to get to work etc

What has been peoples experiances? I know im in someone elses hands when it comes to it but will they give me leeway to buy another old banger?

thanks in advance [:D]

[Max]

B/R I can't understand it for a local business man here went B/R over a year ago - he still lives in his huge house and still drives around in his Bentley Continental. He is not married so how on earth has he done it? J

[kallis3]

Usually you are allowed to keep your car if it is necessary for work and is worth less than about £2.5k. If it's worth more than that, the OR would normally expect it to be sold and a cheaper one bought.

[Navydog]

Thanks Kallis.

who decides on its value?

[MelanieGiles]

It is really down to the discretion of the OR dealing with your case. A figure of below £2,000 ought to be safe - anything higher and you will need to justify keeping a car of such value. If their decision goes against you - put up a fight, as this usually works!

[kallis3]

I presume the OR would refer to something like Parkers or Glass's guide Melanie?

[Navydog]

Thanks Melanie, didnt want to waste lots of time in our meeting talking about a car.

Who sells the car? is it down to me or do they take it and auction it off?
Who values it?

[MelanieGiles]

Yes - and they do have a network of local auctioneers that provide valuations as well.

[Navydog]

Sorry, its down to me to sell?

thanks

[MelanieGiles]

Not usually. If the feel that the car is of excess value they generally arrange for it to be collected and sold at auction.

[Navydog]

Thankyou. And replacement car money from the auction?

[MelanieGiles]

Not always guaranteed - but generally accepted to be fair. Again, all at the OR's individual discretion.

As I explained to you on Friday, one of the disadvantages of bankruptcy is not knowing what will happen until after the Order is made, at which time it is nigh impossible to get out of it and you then have to accept decisions made for you.

[Navydog]

Thankyou again

[Julie]

It is down to the OR - hubby has a lease car and he's allowed to keep it, as its essential for work.

I have to be honest, I found the OR really fair and understanding.