My partner recently gave me cash to purchase a car. The bill of sale is in my name and the value of the car is £3,800. Is there anything I can do to prove that the money was not mine and therefore not an asset? I do need the car for work as I have an 80 mile round trip to do. Regards Joe
hi joe i cannot answer your question but if you wait one of the experts will be along shortly,i did not want to read and run,good luck for the future keep posting we will help all we can
Hi the problem is the car is yours. The money to pay for it was cash loaned to you by your partner. This does not make the car your partners but it does mean you owe the sum loaned which should be listed along with all other creditors in your bankruptcy.
If the recent transfer of those funds, say from your partner's bank account to yours, could be evidenced via both sets of bank statements you may have an arguement the car is in fact the property of your partner. If it cannot be proven (say if the transaction were in cash) your partner becomes a creditor and the car itself can be claimed by the OR if having an auction value of £3K or more.
can I prove that car is not an asset ?
Posted - 28 September 2008 : 21:48:45
