Hi, I was made bankrupt last April and should be discharged in 3 months. The OR knew i had a property which i co-owned with a friend. I wanted my share to be transfered to my dad (as he takes care of the costs as i cant) and submitted the paperwork. Now the OR wants me to re-submit the paperwork as the property is in negative equity. I wanted to know if I automatically get discharged and the property remains in my name what happens to it? Is it automatically left to me or will the OR still keep it? Many thanks, Sonia
If the property is in negative equity, the OR will ask you to nominate a 3rd part to buy your "beneficial interest" for £1 + costs. This transaction (once completed) will mean the property now rests outside of your BR and cannot be re-visited.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
What happens to my property?
Posted - 21 January 2009 : 16:30:12
