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I own a home jointly with my brother. He is in dan

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31
Starting Member

1 Posts

Posted - 19 February 2009 : 20:50:00

I own a home jointly with my brother. He is in danger of becomming bankrupt as he cannot maintain the payments on his debt management plan. If he transfers his share of the house to me at my expense, will this still be taken into account if he goes bankrupt?

Reviva UK
Advanced Member

United Kingdom
2452 Posts

Posted - 19 February 2009 : 21:26:12

Hi

the important thing to review is the amount of equity in the property.

Your brother in not able to give assets away at less than their market value, as this would be unfair to other creditors.

The official receiver will - if there is equity - overturn the transaction and take control of his asset.

I suspect that you are better off getting professional advice from either the helpline or one of the forum experts to see how you should move forward.

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com

Real People ..... Real Debt Solutions
www.revivauk.com

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