Hi

i have a mate that is being decalired bankrupt but he does not want to lose his car, so if i become the legal owner they can not take it away from him right?

but what other thing might i become accountable for by being the owner of the car, car is an old astra so no worries about HP,

Thanks

Joel

I'll doubt it will be taken away

pm me if you need more info

As Mike says, bankruptcy doesn't necessarily mean you lose everything, especially something like a car which is more than likely required for finding work.

There are implications with transferring valuable items though - by my understanding, you'd need to actually buy the car off him for it to look legit (ie. he's selling assets to raise cash to attempt to pay his debts), whereas if he just gave it to you then there is a chance they would investigate this...

Rob.

rob is correct.

It will be taken it to account if he needs the car and what it is worth. If it's an old motor chances are it will not be worth the hassle of taking it against the extra hardship and cost against your mate.

Bankruptcy isn't what it used to be, like I said if you have any more questions PM me and I'll try and help as I have a friend who just went through this all