Which assets are protected in the event of bankruptcy?
Attachment of property and assets. What is allowed, can and is seized?
The initiation of personal bankruptcy has the consequence that not only the attachable part of the salary is subject to attachment, but also property and assets. Simply put, these are all non-essential items and e.g. financial investments and / or building society contracts.
The debtor is expected to lead an appropriate and modest way of life in the 3 years in which the personal bankruptcy proceedings followed by a period of conduct of business are running. However, this does not mean that you are no longer allowed to own anything. For example, you do not have to worry about personal things such as the wedding ring, this as well as personal documents are excluded from the seizure. All items necessary for household and personal use are also protected from seizure.
The necessary items also include the television or radio. I would like to point out that a television or hi-fi system should not exceed a certain value. You have a right to a television, but standard, not luxury, is expected. If, for example, the television exceeds a value of approx. € 1000, the insolvency administrator has the option of an exchange attachment. This means your beautiful expensive television will be seized and you will get a simpler device in return. From what value the insolvency administrator may carry out a garnishment is not specified in euros, but rather the trustee decides whether he can achieve a value for the insolvency estate after the auction. It does not matter that this value is actually achieved!
In any case, high-quality antiques, expensive paintings or the boat are seized. Generally speaking, valuables.
I am going bankrupt. What about my significant other's or spouse's property? Will my life partner be affected by my personal bankruptcy? Does he have to pay for my debts?
All valuables belonging to your life partner cannot be attached. But be careful: you have to prove that this is the property of your partner! It is not necessary that you have all the receipts for this. It is sufficient if you make a list of what belongs to the life partner's property. We recommend that both parties sign the list. Upon request, this must be presented to the trustee or insolvency administrator.
What happens to my car in bankruptcy?
In principle, the car can be seized. But here, too, there are exceptions: If the debtor can prove that he or his spouse needs the car for the performance of the professional activity, the car cannot be seized. But be careful: it is not enough to say that you drive to work. You have to prove that you are unable to use public transport, e.g. because you live in a rural area or work in shifts. The obligation to provide evidence lies with the debtor.
If you are a taxi driver or sales representative, it is not difficult to provide evidence. Without a car, you would no longer be able to carry out your work and therefore the car cannot be attached. Of course, this also applies to other items that you need to carry out your work.
In the event of bankruptcy, your car is part of the bankruptcy estate and can be seized. Bankruptcy car
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