If you need your car for business reasons or for travelling to and from work, then you will normally be allowed to keep the vehicle.
However, often if the car is worth more than £2,500 then the Court may ask that you sell your vehicle and replace it with one of lesser value. The difference which has been made by the sale of your car will go towards paying your creditors.
If it is essential that you need a vehicle worth over £2,500 then the Court may allow you to keep it. This is only in the case that you can prove that this is an essential tool of your trade and that you cannot go work without it or replace it for one of a lesser value.
For more information about your assets in bankruptcy, call the One Advice Bankruptcy team on 0800 048 1752.