You need to firstly check how much the car is worth, then check to see whether the finance is secured or not.
If it is secured check with the vehicle company whether you can keep the car in bankruptcy. Most companies are ok if you have had a good payment history with them etc. If they agree then all they will do when you go bankrupt is tell the official receiver that they have agreed that you can keep the vehicle.
If it's unsecured you it needs to be in effect in negative equity, and the value of the car £2000 or below.
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will i lose my car if i declare bankruptcy?
Posted - 19 July 2010 : 22:19:07
