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andy.32
Starting Member
4 Posts |
 Posted - 22 January 2010 : 18:49:33
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| I remarried three years ago and signed half of my house over to my new wife two years ago when my then mortgage deal was due to be renewed. If I file for bankrupcy will the court seize all my house, including my wifes half as it was transfered only two years ago? |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 22 January 2010 : 19:33:52
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Hi Andy
First you mentioned remortgaged so therefore the house belongs to the mortgage company and any lender who has a charge on the same. You need to work out the value of the home at the date you gave half of the equity away ( I presume you are tennants in common) minus the borrowings at that time,this will give you a value which any trustee may well have an interest, however you also need to ascertain if you were insolvent at that time or if when you gave the assett away you became insolvent as a result of the transaction, if you were neither and your financial problems resulted at a later stage in your life then I am sure there,s nothing to fear anyway |
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andy.32
Starting Member
4 Posts |
Posted - 23 January 2010 : 05:35:54
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Many thanks for that. No I wasn't in any financial difficulty at the time. This has come on since I transfered half the house to my wife.
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RHB
Senior Member
1159 Posts |
Posted - 23 January 2010 : 08:27:33
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| Depending on how long you have had te house for & who's been paying the mortgage it is possible that they may deem more than half the equity is yours. |
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andy.32
Starting Member
4 Posts |
Posted - 23 January 2010 : 09:01:00
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OK, Thank you, so what if I don't file for bankrupcy. Can my creditors take all the equity in the house or only my share?
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 23 January 2010 : 09:29:53
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Hi Andy
If creditors are aware you have a property and you are not paying them they can apply to the courts to have a charge on the property for the dues they are owed, bankruptcy will prevent this however you will get due notice, as the charge is first an interim charge with a second hearing to follow. You can of course hold off bankruptcy untill after the notice of the interim charge and complete the process before the next hearing to secure the charge. Its call playing Cat and Mouse. |
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andy.32
Starting Member
4 Posts |
Posted - 23 January 2010 : 13:02:48
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Many thanks Daniel. I'm being chased for money in Germany, to cut a long story short, an employee of mine in germany stole money from the company without my knowledge. There is a stange law in germant that the managing director is liable for his employees action. The court in Germany has thus ruled that I am liable for the employee and as she cannot pay the debt I must. This has now been registered in the high court in London. In 28 day I expect some kind of enforcement of the German judgement. I'm really anoyed that I am accoutable for something I didn't do. I want to protect as much of what I have as I don't want to pay for something I didn't do or have knowledge of. By the way it's another shareholder in Germany that is pursuing me.
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 23 January 2010 : 16:04:51
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Hi Steve
Foreign debts are out of my area so I will only venture an opinion there are others on here who may know better than me, but I would have a half hour with an Insolvency solicitor.
I believe its German Law as you have said that has made the debt legal in Germany and if it is registered in the High Court in London then it must be enforceable by the English Courts, If that is the case it is certainly a provable debt in bankruptcy. So I guess the choice is for you depending on the amounts, a simple calculation "debts versus assetts" and see what figures you end up with, Of course if its a debtors petition this can be the very last resort, planning ahead is the key here "Hope for the best" "Plan for the worst"
Good Luck |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 23 January 2010 : 16:07:53
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| Sorry I meant Hi Andy instead of Hi Steve |
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I remarried three years ago and signed half
