i have some seroius dept to my name and have a family to support , my wife is working but i am on benifits, is there anyway i can put the house in my wife name an go bankrupt, i have two children to look after? thanks nigel
Firstly welcome to the forum Sadly the answer is no ,not unless you are going to wait 5 years as any assets like a house have to be declared if disposed of within 5 yrs
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
As Chester says you would need to declare any interest in a property within the last 5 years and this likely would cause a proble.
Incidentally the 5 year rule probably wouldn't apply here as technically the OR can overturn any transaction ( irrespective of time) if at the time of the transaction the party was insolvent and the objective was to put the asset beyond the reach of the creditors and / or Official Receiver.
There are several soultions to debt, bankruptcy is only one of them, and it would be really good to get some advice.
Please post a little more information here on the forum listing the debts ( secured or unsecured ) the assets such as house ( mortgage outstanding and current value) , car, endownent etc etc etc .
i have some seroius dept to my name
Posted - 29 April 2009 : 21:21:16
