Question:
I have £18k of debt! Im considering going bankrupt as i dont have any other choice. Im claiming JSA as struggling to find work. Ive had to move back into my parents home. My father has two businesses and together my parents have a very well sustained livelyhood. I have no property, apart from a car.
It says it is illegal to sell property prior to claiming bankruptcy. If I sign my car over to my mum so I know I can use it if I get a job that demands so (we live in the sticks) is this classed as the same thing? Thanks
Answer:
Yes, it is the same thing. Transferring an asset of any kind, car, property, etc, can be looked at in a dim light if you then go bankrupt.
You can be allowed a car in bankruptcy if you can show a need for one and it is of modest value.
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