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My Father Bought Me A Bike On HP Can I Pay Him Whilst Bankrupt?
Question:
We are considering bankruptcy But I would like to know if my bike will be ok. The deposit was paid in cash £3000 and the balance is on HP, but in my fathers name. I now pay him £156 p/m to clear this. the bike is worth around £3500. I need the bike for work as we live in the sticks and there is no other transport. I also need the bike to carry out my charity work and to travel to Sussex from Lincoln to visit my sick parents. How would the OR view this ?
Answer:
You are allowed a vehicle/car/transport in bankruptcy if it is of modest means and you can show a need for it. It will be the Official Receiver’s decision as to allow the bike or not, since it is not in your name, it will also be the OR’s decision to allow you to continue the payments to your father or not.
Thank you for letting me help you.
Jon
If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.
Source: My Father Bought Me A Bike On HP Can I Pay Him Whilst Bankrupt?