• Can I Transfer Property And Go Bankrupt?

    By Guest on 26th Feb 2015

    If i am a joint owner of a property and i transfer the property so my partner owns !00% of the property; can i then go bankrupt and it is not possible for repossesion of the house?

    Is there time limits on the period from transfer to bankruptcy?

    Any other advice on how to keep the property?

  • 1 Answers

    By Guest on 27/02/2015

    The law allows the trustee in bankruptcy, for the benefit of your creditors, to overturn a transfer that has taken place in the 5 years prior to you becoming bankrupt if it appears that it was done with the intention of putting your equity beyond the reach of your creditors so I'm afraid you cannot simply transfer it. Can the joint owner but you out or can you sell your share to a trusted family member or friend? I don't believe the trustee can force the sale of a jointly owned property, I believe all he can do is put a charge on your equity.

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