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Alex J.
Alex J., Solicitor
Category: Bankruptcy Law
Satisfied Customers: 3655
Experience:  Bankruptcy, liquidations, administrations, pre pack sales, re use of company names and director duties and offences.
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oh just another question, can they take your car of you if

Resolved Question:

oh just another question, can they take your car of you if you go bankrupt...
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Alex J. replied 3 years ago.

Alex J. :

Hi, Thank you. It depends, if you use it for business purpose or it is on a lease for example then no they probably wont take it. If it is a car used purely for leisure purposes and you own it outright then it will be potentially included in your assets.

Alex J. :

If the car is leased, in order to keep the car you would have to have the means to maintain the lease payments. Kind regards AJ

Customer:

so it prob be best, ***** ***** the car in someone elses name.. then they cant take it off you...

Alex J. :

Hi, Thank you. If you have not bought the car yet, then yes. If you already own the car, you would have to wait a year before going bankrupt, because the risk is the trustee in bankruptcy may be able to challenge such a transaction if it was deliberately done to avoid your creditors. Kind regards AJ

Customer:

oh I see,.. ok thanks for the good advice :) I might have to wait till next year then, as I own my car out right. but would be gutted if they took it of me, I have no other assests as I rent.. so they probably would go for the car... ok thanks Alex, have a good day :)

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