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a coffee free bag of revels | Should I get rid of my car before going bankrupt? |
I have a car in my name and I am declaring myself bankrupt. Can I 'sell' that car or transfer ownership to my partner so it won't be taken away as part of the bankruptcy? Can they take it off him if he has bought it from me and I have used the money to pay off the loan company I got the car from?
Additional Details
I can't sell the car I don't own it! I was thinking of transfering the loan to my partner so he could pay it off and own it as we really do need a car and my future work, if I ever get a job, may be dependent on it. |
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Adam B
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If the car is 'On Finance', ie a Hire Purchase (HP) agreement, then you don't actually own the car, the finance company does, until the very last payment has been made.
You cannot 'sell' the car unless you clear the whole outstanding amount owing to the finance company immediately. Normally, if it is early in the term of the finance period, eg year 1 of a 5 year agreement, then the car will be worth much less than you owe the company.
Under the terms of a 'regulated' finance agreement, if you become bankrupt, the finance agreement legally has to be immediately terminated (As a Bankrupt cannot have a finance agreement) and the car will be taken back by the company (Reposessed) and sold by them at auction to recoup as much of the debt and the money will be theirs. If there is still a shortfall, you will remain liable, but the debt will go into the 'melting pot' with all the other creditors you owe as part of the Bankrupcy order.
You cannot 'transfer title' to anyone else, as the car belongs to the finance company and the agreement is with you.
If it is a HP agreement, then unfortunately there is no way of avoiding it... BANKRUPTCY = LOSING THE CAR.
EDIT>>>
Sorry, but Tonya below is wrong! In the UK the minute you are declared Bankrupt, the car finance agreement ceases and the finance company are entitled to get their car back to recover their losses... as it is their car and it cannot be put into the 'kitty' to be shared amongst the other creditors nor is it allowed to be kept 'because you need a car for work' etc.
I have a copy of a standard 'Regulated' car finance agreement in front of me which specifically stipulates the situation in regards to Bankrupcy as stated above.
EDIT 2>>>
YES, your idea of paying off the car finance then 'selling' the car to your partner would in theory be fine, as you are not making any money, as such, out of the deal, and the car is not a financial 'asset' of yours at the moment.
Hope you get it all resolved soon, and rest assured, that once it is all over you will feel a huge weight lifted off your shoulders and begin with a clean slate again.
GOOD LUCK! |
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DAVID M
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I am a bit confused. Can you clarify is the car on Hire Purchase or did you use a bank loan?
The difference is important as in one type of agreement you own the vehicle (HP) the other you dont.
If its a HP agreement it should be possible to do what you suggest, provided theoretically there is not a substantial equity in the vehicle.
If its a loan and you transfer the vehicle well the loan finance goes into the bankruptcy and if the Official Receiver or trustee decide they can set the transfer aside (you are asked this question fairly specifically). Then the car will be recovered or its value sought from your partner.
Also worth remembering that in cases where a car is essential (eg for work) yoiu may be allowed to keep the car or replace it with a lower value car, if that is considered reasonable |
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Bridget W
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I was allowed to keep my truck. Good Luck. |
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dunrobin46
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If you owe people money a better thing to do would be sell the car and use the money to repay the debts you owe. |
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Fun N Sun
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you can still keep the car if you file bankruptcy, all you have to do is keep making payments on it...thats it. you cant transfer the loan. |
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Tonya G
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If you're filing bankruptcy you can keep your vehicle as long as you're currently making payments on it. If you fall behind they can reposess, but if you're current they won't take it from you. I know this is true for a Ch 7, and I'm pretty sure it's the same for a Ch 13. Ask your bankruptcy attorney to be sure, but the comments saying you cannot keep any loan while bankrupt are completely false. |
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superficialblonde
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Check with your attorney because if you file Chapter 13, they may work it out where you keep your car and it is included in your bankruptcy payments.
Be careful because you can get in trouble by transfering titles and stuff, they can go back and look at stuff like that and if you get rid of too much stuff, your debt to income will be lower and the Judge could throw your case out and you wouldn't be able to file.
If you are filing Chapter 13, I would keep the car and include it because more than likely, I think you will be a able to. |
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iMac User
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Yes you should to get some cash. |
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marilyn_katz
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Can you afford to buy another car? If that car is your only way to get to work, the bankruptcy court will work with you to be able to keep it. If you have a lawyer you are consulting, ask about this.
Loan companies will spit and moan, but most of the time they would rather offer you an extension or better terms then to have to write the loan off. |
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KingAndrew
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Your safe in selling the car as long as you have a record of how the money was spent. The problem you will encounter is that fact that you will have to pay a very high interest rate when you purchase your next vehicle. If you have not filed yet, and you need a car to survive, I would purchase it now, the courts will allow you to keep one vehicle. Good luck. |
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