Will official assignee take our car after bankruptcy declariation?

Hi all,

Just looking for some advice here. The only car we have is registered to my wife and has received an official valuation from a local SIMI dealership to be worth circa €6,000.

It is a mid-2011 car, 190k kilometres on the clock, loads of scratches etc. Some 2nd hand vehicles sold by dealerships on donedeal.ie / adverts.ie are selling for more or less then this amount.

This asset is my wife's sole asset (we're both going bankrupt) and she uses it to get to work, she is the sole breadwinner in the household and needs the car to get to work.

Will the official assignee take the car - and - can we argue that - obviously - she needs it and sure its only worth €6K?

Also, are her clothes, phone etc excluded from the €6k that a bankrupt is allowed to keep?

Cheers!

Breakonthru

I would think it unlikely that the car is at risk as you are allowed keep up to €6k of essential items such as tools of trade, car, furniture etc. If the OA feels that you have gone above the €6k you may need to ask friends or family to help out with the difference. By the time this gets looked properly we will be in to 2018 and the car will have depreciated further in value which is to your advantage.

Have never heard of clothes being included in a bankruptcy. Not sure what the OA's policy on the more expensive (e.g. iPhone 7) phones is.

Unless the ISI have changed their policy you won't be asked about the make and model of phone and the amount of clothes you have.

They will however enqure about art work, jewellery, shares etc.

If your car is the average run around there should be no problem.
Good luck.

TLO said:

By the time this gets looked properly we will be in to 2018

Click to expand...

Great, if we go bankrupt in early November, then would you say the ISI won't get around to my 'case' till early 2018?

If so then the car will be a 'year' older and the kms on the clock will be above 200K..