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 Selling car after Exmept
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spices100
New Member

67 Posts

Posted - 01 June 2010 :  15:58:28  Show Profile  Reply with Quote
i was bankrupt sept 09 and recieved letter stating my car is exmept.
filled out ED forms and expecting to be ED'd by mid july.

just wanted to know, i want to sell my car (£1000-£1500) and get a more ecominal car, will i have to inform the OR of this ?

Bridgewood
Junior Member

United Kingdom
222 Posts

Posted - 01 June 2010 :  16:25:21  Show Profile  Visit Bridgewood's Homepage  Reply with Quote
Hi Spices100

As far as I am aware, once an asset has been exempted that is it as far as the OR is concerned - i can't see any reason why you should notify the OR if all you are doing is replacing one vehicle for another of a similar value

The only issue I think may arise would be if your new car was of a significantly greater value

Obviously, if its done post discharge you have nothing to worry about either way





Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.

We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support.
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Richard P
Senior Member



United Kingdom
1701 Posts

Posted - 01 June 2010 :  16:33:16  Show Profile  Reply with Quote
agree with bridgewood

if possible leave the car until after ED

regards Richard
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