Providing that the car is not of high value ( no more than £2500 for example) then the Official Reciever or Trustee in bankruptcy may well allow an individual to keep their vehicle.
This is of course assuming that the car is needed to get to and from work or is needed in an other demonstrably practicle way. There are always exceptions to the rule however and in certain cases the Official Receiver or Trustee may allow an individual to retain vehicles of higher value if the vehicle is essential to the running of a business of is perhaps a 4x4 vehicle necessary for life in very rural communities etc.
Equally though, an Official Receiver or Trustee may decide it appropriate to sell a more expensive car and provide a purchasing allowance from the sale proceeds to buy a vehicle of lesser value if deemed appropriate.
It is also the case that an Official Receiver or Trustee may decide to sell even a very low value vehicle if they believe that public transport provision is suitable in the area and the car is not really needed.
If you would like assistance petitioning for bankruptcy or you would like to discuss your case with a bankruptcy expert, visit the Myvesta Bankruptcy Assistance Service page for information on how we can assist you.
Can I keep my car when bankrupt?
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