bankruptcy

[clanger]

Me again

I'm soon going to be forced into bankruptcy. I currently own a car worth about �3000. If i transfer the ownership over to someone else by sending off the logbook can the courts find out that i'm still insured on the vehicle? I desperately need the car for my work as i use it to do deliveries for customers from my work (its an estate). Also, i live with my parents so can any of their assets be used in my bankruptcy as they will be heartbroken to find me in this situation?

Thanks in advance for any advise

[Ethel]

Wilfully disposing of assets will not do you any favours at all.

If you need your car for work, and it is not a 'luxury' vehicle then you will probably be allowed to keep it:

What can I keep if I'm bankrupt?

You can keep any tools, books, vehicles (if low value) and other items of equipment needed personally in your employment or business. You will also be able to keep your clothing, bedding, furniture and basic household items.


Your parents' assets will not be affected in any way. However, they may find it harder to get credit as you live there and the address will have a 'flag' - but this would be the case if you don't go bankrupt as you are a 'bad debtor'.

[kempie]

Furthermore the V5C vehicle registration certificate is not proof of ownership of a vehicle; it is to indicate the registered keeper of the vehicle and this need not be the person who owns the vehicle.

[jo-the-mo]

the threshold for keeping cars is�2500. if you need one for work you will be made to sell your car and buy a cheaper one