hi there i'm just after some advice i'm a 30 year old male living with parents.in about £20k of unsecured debt,had an iva that failed in march due to losing my job in december 2008.i currently get £240 per month in jobseekers allowance.the only assest i have is a car that was given to me because it was crash damaged and not worth anything.would i be able to keep the car? also monthly repayments if i do go bankrupt the money i get at the moment is'nt enough to live on yet alone pay money out. if i already have a basic bank account am i ok to keep this account on after the bankruptcy. regards lee
You may be able to keep the car if it is of reasonable value and it is either used for your employment or if it was taken away it would hinder you ability to get work
If your only on JSA you wont have to pay anything towards your creditors.
Whether you have use of the bank account is dependant on it not being overdrawn and the attitude of the bank to bankrupts.
It is not against the law to have any type of bank account. it is the banks decision as to what they give you, but as oft quoted most will only allow a basic account if any at all
Hi Lee, sorry to hear of your bad luck. The same thing has happened to me and my partner, failed IVA due to job loss etc. We went bankrupt on monday. As you are on Job seekers (as I was up until 2 weeks ago)at the time of going bankrupt then you would not have to pay anything additional. Also you may be entitled to a reduced rate of £150 ie you would only pay£360..but you will need to complete a form to get this...mention it when asking for the forms from the court (much preferred doing it that way than online BTW). Your car is usually ok if it is worth under £2k also. I'm no expert just been through it...Sure someone will be along soon to hopefully clarify what I've said.
hi there i'm just after some advice
Posted - 23 July 2009 : 20:13:38
