December 29, 2018 admin 0Comment

The most important thing to the bankruptcy auction car

  1. If the insolvency estate does not suffice to satisfy the demands of the creditors , they can apply for an insolvency auction, in which movable and immovable assets are not available
    Items are offered for sale.
  2. An insolvency auction can take place online or in an auction house. For cars, an insolvency auction can be carried out in a car repair shop.
  3. In order to prevent a car bankruptcy auction, the debtor has to prove that he needs it in order to be able to practice his profession. This does not apply to
    Luxury models.

When will a car be sold in an insolvency auction?

An insolvency auction in the car must be applied for at the competent district court.

The bankruptcy auction takes place as a form of foreclosure if the debtor is unable to pay the outstanding debt out of the bankruptcy estate. As a rule, bankruptcy auctions take place in an auction house, but an online bankruptcy auction would also be possible. It can also be carried out at the dealership.

In an insolvency auction, the vehicle, jewelry and possibly even the house are made into money , with which the costs are paid and the creditors are satisfied. As a rule, bankruptcy auctions where vehicles, etc. are to be sold are requested by one or more creditors . For the execution of an insolvency auction, whether in the car or other objects, certain conditions must be met.

For example, in order for the car to be offered for sale at the bankruptcy auction, or for the auction to take place, the creditor must obtain an enforcement order from the competent insolvency court . This may be in the form of a judgment or an enforcement order. Furthermore, the writ of execution must contain an enforcement clause in order to be valid. Without a corresponding enforcement clause, the foreclosure and thus the bankruptcy auction, for example in the car, may not be carried out. In addition, the enforcement order must be delivered to the debtor before the commencement of the execution and thus before the bankruptcy sale, so that he can take note of the planning of the bankruptcy sale.

The bankruptcy auction, whether a car, a house or other valuables is offered for sale, is often the last resort for creditors to collect their outstanding debts . Previously, creditors and debtors must have tried to reach an out-of-court settlement. Only when all attempts have failed, legal action will be taken .

An insolvency auction in the car must be applied for at the competent district court . After approval of the application , the creditor can determine in what form he wishes to enforce, one form of which is the foreclosure sale . However, foreclosure or bankruptcy may only be initiated if the debt is higher than the value of the items offered for bankruptcy .

How is a car bankruptcy auction going?

Once the creditors have fulfilled all the conditions for foreclosure and obtain the enforcement order , they can initiate an insolvency auction if their debts are higher than the value of the car.

Whether the car is sold in an auction house or online at the bankruptcy auction , the process always remains the same. For auctions, the most important information is generally provided first. If all participants are present, the lowest bid is communicated. Once this is announced, all interested parties can submit their bids. As with all usual auctions, the bankruptcy auction ends, even in the car, when no other interested party offers more. Then the highest bid is called three times and the highest bidder receives the item.

According to § 44 of the law on foreclosure and forced administration (ZVG), the lowest bid must ” cover the rights of the creditor and the costs of the proceedings to be deducted from the auction proceeds.” What is the best way for you to get out of debt? Check your options for free now! Online debt analysis →

How can you prevent an insolvency auction from your car?

Another way to reverse the bankruptcy sale is to negotiate with the creditors.

The insolvency auction, for example, in the car, is the most drastic form of foreclosure and is usually only initiated when debtors and creditors can not agree otherwise. Since the open claims of creditors should be satisfied with the foreclosure sale or bankruptcy auction, it is usually problematic to prevent foreclosure.

However, you get a writ of execution, it is still be possible to set a bankruptcy auction or the continuation of the process. For if, according to § 28 ZVG, “a right apparent from the land register” is known, which precludes the compulsory auction, this usually has to be canceled. Under certain circumstances, however, the court will also grant the creditors a certain period of time within which the reasons against the bankruptcy auction will be removed from the car. If the obstacles can not be demonstrably removed after the deadline , the procedure must be terminated.

Another way to reverse the bankruptcy sale is to negotiate with the creditors. Because the bankruptcy sale of the vehicle can be prevented not only by the court , but also by the creditor who has applied for it. If debtors and creditors have agreed, the creditors can withdraw their petition for bankruptcy auctions.

With the consent of all creditors , the proceedings can also be suspended for the time being. The debtor must submit the request for interim suspension within two weeks after being informed of the bankruptcy of his car. However, the court usually only approves the petition if the debtor can demonstrate that he will be able to meet the outstanding claims of the creditors over the next six months . After the six months, an interim suspension may be renewed by the creditor.

After the bankruptcy , the car can be offered for auction . But if this is needed by the debtor or one of his family members to reach the job and there is no way to use public transport, then the car bankruptcy auction is inadmissible. As for followers, it will vary from case to case. As a rule, the debtor has to prove that he needs it, for example, to practice his profession.