Bankruptcy and asset (car) advice

seldom_use

Hi guys,

My partner and myself are about to file for sequestration, we’re in Scotland. My question is, would anyone know the likely outcome of this scenario?

I was gifted my car last year by my Father. He owns a garage and wasn’t around much when I was younger and gifted me a car, Renault Kadjar 16 plate to cart my 3 children around in. I think the value will be around 13k.

I have been advised by the charity I am speaking with that we would either need to sell the car and buy another upto 3k and keep the excess money to give to the trustee, otherwise wait until they sell it for me.

As this car was a gift my inclination is to give it back to my Father, I feel terrible thinking that I’m basically putting his gift toward the debt I have built up. I would like to sign the car back over to his name, no money would exchange hands. I explained this to the charity and they said the trustee would be able to see that I had done this and expect to know where the money is and if no money, they probably wouldn’t discharge us after the usual year.

Has anyone dealt with anything similar and can advise? I’m not bothered about losing the car as such, more so at the waste of money on my Fathers part, I feel awful about that. I wish I just hadn’t accepted the car last year.

Many thanks in advance.

z1a

Although the car may be registered in your name, your father can still be the owner.

seldom_use

z1a wrote: »

Although the car may be registered in your name, your father can still be the owner.

Have just been reading threads further down saying similar. This could probably work in our favour really well, he will have a paper trail for the car at his garage and as no money exchanged hands between us - it could well be the case.

I will check my insurance and see how this stands too.

Thanks so much - I feel slightly better.