How much is the car worth?
How much did you pay for it?
When did you buy it?
Has he paid you any money back?
Is there any finance on it?
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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If he has no assets, they can’t take anything. It’s as simple as that.
They cannot force their way in to a property unless the debt is in respect of money owed to the government such as council tax or a fine.
If he has no assets, then the debts die with his bankruptcy.
It doesn’t wipe out arrears of maintenance or student loans, court fines, secured loans, compensation you owe to others in respect of personal injury or death, benefits or tax overpayments or social fund loans.
You cannot be made to pay his debts