A motorcar is deemed to be essential to modern living. It would be required to go to work and suchlike. Hence, bailiffs have a limit above which they are allowed to seize the car and that is £1350.
A trustee in bankruptcy just has to have a reasonable limit and they would not normally want a car sold unless it’s over £2000 or so.
The V5 only gives details of the registered keeper and not the owner. It says that on the document.
If your son goes bankrupt, and the issue of the car gets called into question, would need to show the date of purchase of the car and the money coming from your bank account and hence, show that it’s not his car, but your car, and that you simply allow him to use it because he doesn’t have enough money to buy his own car.
The legal proceedings in your name are also pretty persuasive that it’s your car and not your son’s car.
Can I clarify anything for you?
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