Q15. What will happen to my car?

If the value of the vehicle is less than £3000 and you can prove a reasonable need to use it, you may keep it.

If the vehicle is worth more than £3000, the trustee will sell it as soon as possible, if it is cost-effective to do so.  However, the trustee may decide to allow you to keep the vehicle if it is the only way you can get to work and you will be required to make a meaningful contribution to your bankruptcy.

It is important to note that if you are allowed to keep a car that could vest in the trustee, you must maintain the agreed regular contributions.  If you fail to do so without reasonable excuse, the trustee will repossess the vehicle as soon as possible and sell it, if it is cost effective to do so. 

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