Sold car 8 months ago now creditor wants me bankrupt

Mnd

maxmycardagain wrote: »

Selling it whilst on finance then not clearing the debt would be a criminal matter

He said it was owned outright

MEM62

David20 wrote: »

Thankyou for reply

The car was owned outright

I just spent the money over that 8 months on shopping,holidays ,going out etc suppose it’s classed as reckless spending and I really don’t know why I did not pay towards my debt I suppose I just buried my head in the sand.

I do not have any evidence of the funds either

I never hid this asset from bankruptcy as I never knew I was going end up being bankruptcy from one of my creditors
So if they reverse the transaction My brother in law has Gotto pay the 12.5k back or give them the car ?
Don’t see that being fair on him as he never knew I was in all this debt
I better tell him what’s going on
What if he was to sell the car ?
What would happen if I had sold the car to a member of pubic that was not family or friend for cash would they have reverse the transaction still then or is it just because I sold it to family ? Thankyou

If this is the case then you may have placed your brother-in-law in a very difficult position. The fact that he may not have known about your debts is irrelevant and does not extract him from the problem. There are many examples of innocent parties being caught out when a friend or family member goes bankrupt.

I am struggling to understand why you would hold onto £12.5K in cash. The risk involved in having that much cash lying is not something most would contemplate.

Brock_and_Roll

MEM62 wrote: »

If this is the case then you may have placed your brother-in-law in a very difficult position. The fact that he may not have known about your debts is irrelevant and does not extract him from the problem. There are many examples of innocent parties being caught out when a friend or family member goes bankrupt.

I am struggling to understand why you would hold onto £12.5K in cash. The risk involved in having that much cash lying is not something most would contemplate.

And the fact that is was a cash transaction is likely to raise a lot of eyebrows and plays against the BIL. With no evidence, it could have been a £1 for all they know and a deliberate attempt to put assets out of reach of creditors.