Question: I lost my job due to health reasons and i sold my 2 cars about 4 months ago and have used the money to live on. i am on Employment support allowance. i am thinking about declaring bankruptcy as i owe approx £10.000 to various loan campanys including my bank. i am a bit worried about doing this as someone told me they can take the cars i have sold off of the people i have sold them to is this true???
Answer: The Official Receiver in a bankruptcy does have the authority to reverse these transactions, as to if they would do this, I cannot say. They may if you used the funds to pay off a debt or creditor, preferring them over another creditor. It can also depend on the amount, if it was a small amount and you can document what it was used for, it may be OK.
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