Going bankrupt will the OR take a car needed for work even if money is owed on it ?

Question

asking for a mate i know every one says that.

Answer 1

YES THEY WILL TAKE IT THEY TOOK MINE AND I NEEDED IT FOR HEALTH REASONS AND IT WAS NT EV EN WORTH MUCH GOOD LUCK ANYWAY YOU DO NT NEED ANY NASTY COMMENTS RIGHT NOW DO YOU I KNOW WHAT YOUR MATS GOING THROUGH.

Answer 2

Yes they will. any property they can take to pay of the debt your friend has run up. even if it is for work

sorry.

Answer 3

Better get the bus schedule out > or take the tube > bike or walk.

Answer 4

If the car is on Hire Purchase, it belongs to the credit company and they will take it back.  Bankruptcy cancels the agreement.  If money was borrowed as a personal loan, the OR has a certain amount of discretion as to whether the car is one of the "tools of his trade".  The credit company go on the list of creditors.  The car goes on the list of assets.

Answer 5

Very, very unlikely that the car will be taken, unless it is of high value, such as a Porsche or Merc etc. You need to make it clear to the OR that you use it for work, and there should be no problem.  

Answer 6

when i went bankrupt 2 years ago i had a car on hp. because the hp was more than the cars value they said i could keep it and continue the payments if i wanted, but as the car was knackered i decided to let em repo it anyway!!!  

Answer 7

yup - unlucky