www.iva.co.uk

Hi - I am in a real state with my finances and cannot see any other choice but to declare myself bankrupt. I dont own anything of real value apart from my car, TV, DVD player. I am concerned if that I do decide to take the route of bankruptcy my car will be taken off me, along with the rest of my possessions. I need my car for my job and without it I could end up losing it. Can you please advise me of what would happen with my car and possessions?

Thanks

The experts can help you, but hey will need to your income, how much you owe, and to who you owe ot and how much your car is worth

Regards

no matter how bad money gets, theirs stll alot more important things in life

Your care will only be taken from you if it is of a certain value (usually around £2,000) and/or not required for work transport. Your usual domestic assets will not be touched.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

If you're considering bankruptcy, please look at the Insolvency Service website - insolvency.gov.uk It has some basic advice about the process.

But please also talk to an expert to make sure you understand more about Bankruptcy - any Insolvency Practitioner local to you should give you some free advice on what it involves. They should talk you through the main points, including your car.

As Melanie mentioned, your TV, DVD, etc cannot be touched in bankruptcy - you are allowed to keep what you need for your 'reasonable domestic needs', so household items are yours to keep

Good luck

Dave Beech