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Martin.71
Starting Member
2 Posts |
 Posted - 25 March 2011 : 20:30:43
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| i declared myself bankrupt in 2005, i declared that i used to own a house with my brother but gave it all to him and had it signed over to him fully by a solicitor as i could no longer afford and live in the house. i did the transfer in 2001. i have recently had letters from a solicitor saying that i am liable for half the debt of the house or around £38,000. i have recently returned to university after i was made redundant twice in my previous career. its starting to depress me as i thought it was all done and finished with as its been almost 6 years. is there anything i can do about this, as i dont feel my brother should lose his house or be forced to sell it after my bankruptcy, he is angry that i declared myself bankrupt and didnt realise it would have so many implications |
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debtinfo
forum expert
2826 Posts |
Posted - 25 March 2011 : 20:47:11
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debt or asset?
who is asing for the money |
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RHB
Senior Member
1159 Posts |
Posted - 26 March 2011 : 13:00:49
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| How much equity was in the property when you signed it over? |
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Martin.71
Starting Member
2 Posts |
Posted - 27 March 2011 : 20:08:22
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quote:
Originally posted by RHB
How much equity was in the property when you signed it over?
i had a bit of a falling out with my family and decided just to give the house over to my brother, i didnt want any part of it. i had a meeting with my solicitor to transfer my half of the house over to him. I had around £18,000 worth of personal debt and thought that an IVA wouldnt work as i couldnt or wouldnt think i could stay committed to the regular payments. i did contact several companies in order to try an IVA but they couldnt see it would work for me. at the time my expenditure and lack of income made it very difficult to exist monthly and worse still was being paid by cheque which would mean another week or so til it cleared. i had to make do with bouncing cheques in order to fuel the car up in order to get to work and work for the month, until the same process was repeated monthly. I did seek advice thru the CAB who suggested i declare bankruptcy, which is what i did in jan 2005. I have since not really heard anything from anyone regarding the outstanding debt except for a firm of solicitors who are acting on behalf of the the trustee in bankruptcy of myself. Im not sure if i was ill advised and could have pursued an IVA and that bankruptcy could have been the worst choice i had made, not to mention the fact that my brother may have to sell his house against his will to recover the losses made by my personal debt. i have 21 days to reply with an agreement or suggesstion on how to come to an amicable decision. what shall i do or what can i do?
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debtinfo
forum expert
2826 Posts |
Posted - 27 March 2011 : 20:49:36
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| well there is not a lot you can do, you have transfered an asset before bankruptcy and so they have a right to ask for it back. either he can remortgage to buy the share out or it can go to be sold |
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RHB
Senior Member
1159 Posts |
Posted - 28 March 2011 : 13:41:10
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| In order to advise it is necessary to know how much equity was in the property at the time. If there was equity it will be seen as a transfer under value as you were insolvent at the time. Your brother will have to offer half of the equity now minus any repayments he's made since the transfer BUT if the equity is substancially different it may be more or less. |
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Didn't realise BR would have so many implications
