Author Topic: Transfer of House Ownership to Partner (not wife)  (Read 11092 times)

gavin1982

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Transfer of House Ownership to Partner (not wife)
« on: Jan 17, 2017, 07:02:50 PM »
Hi,


I have a ltd company and personal debt of around £90k. I'm looking to go bankrupt to write off the debt.


Firstly, I'm looking to trnasfer the house ownership into my wife's name. It has around £80k equity in it.


Can my wife be chased for the debt?

Lisa Thomas

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Re: Transfer of House Ownership to Partner (not wife)
« Reply #1 on: Jan 18, 2017, 09:29:13 AM »
Yes I'm afraid so this will be an illegal transfer as you are purposely putting assets out of reach of your creditors and your wife is receiving an asset at an undervalue as she has not paid market price for it.


The Trustee will either pursue your wife or simply overturn the transaction.


With an asset like that it sounds to me that Bankruptcy is probably not the best option for you.


You might want to consider your alternatives, to include an IVA (Individual Voluntary Arrangement).
www.Nevilleco.co.uk 01752 786800

sharon75

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Re: Transfer of House Ownership to Partner (not wife)
« Reply #2 on: Jan 18, 2017, 12:12:41 PM »





Hi Gavin I have read your query and mentioned it to my friend, she says she will be able to help you if you get in touch, she is a debt advisor her name is wendy you can call or text her 078555995824