bankruptcy and name transfer on property

ben09042013

I transferred my name off the jointly owned property with my brother last October as my financial situation was having an impact on his credit scoring. There was no equity in the property so it was a simple name change from mine to his partners. I have been struggling for some time to keep up with payments but its become impossible. The only options I have are IVA or bankruptcy. IVA would stretch me and im not sure id be accepted as my total debt is £33K and I could at a massive push only afford 110 per month. My main creditor is £29k and would hold the majority vote but im not convinced they'd accept im also not convinced id be able to manage this for 5 years, leaving bankruptcy. Ive read up on the impact and although not happy at the possibility I know it could be my only option. My main concern is the property I transferred my name off. I read that the OR will take this into consideration when assessing your assets but as it stands there is mo equity in the property. I know that for 2 years and 3 months the OR can monitor the equity in the property and if necessary ask that my share be released. I know property will not rise massively and im sure that if any equity wjrre to be available the OR would probably overlook it. I just want to kerp my brother out of the picture I don't want to cause him any problems and am worries that he'll find out I've gone bankrupt and start to worry. Id like to kerp this to myself and not involve him but im not sure this is possible with bankruptcy? Its kore of a pride thing and not a deceptive tactic. Any advice welcome. Also does the 2 years 3 months start from the day your bankrupt or from the time my name came off the property
cheers

longtermplanner

No equity in the property? So there was a mortgage? Did you change the name on the mortgage? It's not usually simple to "change names" on a property.

Are you living in this property?

If £110 a month would be a 'massive push' then you would be very foolish to choose an IVA.

Contact StepChange and talk about your possible bankruptcy and whether it would be better to opt for a DMP for a year or two. A temporary DMP is a very possible option for you. After that you can go for bankruptcy or perhaps an IVA if your finances have improved.

Trinitrotoluene

31.4B.110 Increase in value of disposed property

Where the disposed property increases in value by the operation of market forces, the liquidator or trustee should reclaim the original property and any increase in value arising since the disposition. Where, on the other hand, the property has increased in value due to actions on the part of the person who acquired the property (perhaps, due to sensible investment or improvements made) the liquidator or trustee may be required to compensate the disponee for an amount equal to the increase in value caused by their actions

http://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter31/part4B/part5/part_5.htm

I *think* this would apply here. Don't take property to mean "house" it means anything that belongs or belonged to you. The OR is definitely going to view the transaction as suspicious. I'll leave this for someone more knowledgeable to answer; I'd be interested in seeing if anyone else can reference anything in Bankruptcy technical manual in regards to this (so I can satisfy my own curiosity)!

debtinfo

The above excerpt is dealing with dispositions of property between the petition and the bankruptcy only.