As a rule, cars up to the value of £1,000 are safe in bankruptcy provided they are needed for work or are used by carers. If you had a car worth, say, £3,500 then two things might happen a) you would be given the option to pay the Official Receiver an amount to ‘buy his interest in the car’ in which case you would keep it or b) the car would go to auction and money would be provided to buy a cheaper car. Cars on finance are generally lost, unless there are special circumstances. The upside of this is that the finance would be included in the bankruptcy.
If you are considering bankruptcy, we will help you throughout the process and submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us for a chat or for bankruptcy help on 01425 600129.