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if i were bankrupt can my wife or sons house be taken |
Submitted on: 31st Jan 2011 by Non-Member | Total Answers: 4
my business ceased trading due to bad debt / recession 24/12/2010. i am unemployed. Trying to offer a fast track vouluntary arrangement of 25p in the pound to my creditor by means of my only asset a £14.5k ISA. Most accepted but some dragging thier heels. Mother increasingly immobile suggested buying house for us all to live in & provide her long term care ( currently mother in top floor flat no lift us in council house). Debt entirely in my name. Could new house be seized by my creditors if it were in my wife or stepsons name ?
Re: if i were bankrupt can my wife or sons house be taken
Any arrangement you make with your creditors is based on your individual finances and will not include any assets held by your family. However if it appears that you have put in your own money, cashed in an asset or hidden funds from your creditors to buy any part of this house, then you will have to reverse the transaction/sell the house.
This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.
Re: if i were bankrupt can my wife or sons house be taken
Once a bankruptcy has taken place then it is required that the Official Receiver, or Trustee in bankruptcy, is notified of all assets that are acquired as these would become assets of the bankruptcy.
In the situation you have described you would not have any rights or ownership of this property. You would be living in a property that had been purchased by and now owned by someone else, so it would not be considered.
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're looking for an alternative to Bankruptcy, Debt Advice Foundation provides a free, confidential helpline and can advise you of all your options. Click here to find out more.
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