Hi. I have considerable debt of around 30k. I would like to clear this by putting my debtors in touch with my exwife as we were joint owners of land abroad (europe)with a value of arounf 70k. Can I do this? I am not working and cannot afford a laywer. Her mother has power of attorny over the land and translated documents do not have my name on them. Is this a way to clear the debt without going bankrupt? I appreciate your advice in advance. Regards
Hi. Without going into too many details I have proof of transfer of funds to the ex mother in laws bank account. I was also asked to sign some papers to allow power of attorney. The financial details were limited to the uk assets only. The my ex wife is Poilsh and the land was purchased in Poland. I was advised bymy old solicitor that this could be dealt with in the polish courts. However translationes are expensive and I am only looking to clear my debt with the asset have links to. Could it be viewed by the district judge that I signed over the asset to avoid paying my debt? Also do i tell all my debtors that the money topay the debt is tied to the land? the longer this goes on the more worried i am becoming. (just for the record my ex wife has said that she did not claim a share of my pension)
I would suggest that the whole episode, or the outcome, is entirely dependent on Polish law.
A UK creditor will not be interested in incurring untold legal fees chasing an asset which may, or may not, belong to you in part. Whereas the OR's office, following the declaration of bankruptcy, is compelled to take a peek at least. Even then if the costs are potentially going to outweigh the gain the OR would not chase too hard either.
I'm afraid the only way you will be able to use this asset to redeem your debts and avoid bankruptcy, or whatever route you choose, is to sort the land situation out yourself.
Hi. I have considerable debt of around 30k.
Posted - 09 January 2009 : 23:03:01
