Hi I wonder if anyone can help I have a home I have a morgage some one told me that if is signed the house over to a family member that I could keep my home when I go bankrupt thankyou for any addvice that anyone can give me.
if you sign your home over to anyone and it has any value at all then this would be seen by the official receiver as a transaction at under value and not to the benefit of your creditors.
I would strongly suggest you speak with Melanie to review your options and see if Br is the right course of action.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Hi k.c As Paul says if there is any equity in the property this would be viewed by the Official Receiver as a transaction at undervalue and could result in the transaction being reversed and you receiving a Bankruptcy Restriction Order. They will get a driveby valuation on the property and info from your mortgage company, so they will know exactly how much is involved. It would however, be perfectly legitimate for a family member to purchase the equity from the property, but this would have to be paid to the Official Receiver. You should get some professional advice before making any decisions, and as always honesty is the best policy especially when dealing with the Official Receiver.
Suzanne Stocker Bankruptcy Manager Jones Giles Ltd
The key here (as Paul and Suzanne say) is the value of the transaction. If the OR deems it as a transaction at an undervalue (ie you received no payment, or at a heavy discount), the OR does have the power to unwind the transaction and then deal with the property. However, steps can be taken prior to BR to safeguarg adgainst this. Brett england of England, Jackman & Spacey does excellent work in this area, as does Paul Johns of Reviva. You can contact them via their web links on the experts page.
if my home is signed over to a family member ?
Posted - 19 June 2008 : 23:18:28
