bankruptcy and an old propoerty

kayz5

hi friends,

i was wondering if anyone can advise on my situation:

i am in somewhat a difficult financial situation and have been for a while with many credit cards and loans.

i had a property freehold but gifted it to my sisters (3) as i owed them a lot of money due to bad habits, the house has been fully transferred over to their names for the past six months.

if i go bankrupt now, can any of the lenders put any form of charge on the property or look into acquiring the property to claw back any of the moneys owed.

Please advise.

Thank you

alastairq

if i go bankrupt now, can any of the lenders put any form of charge on the property or look into acquiring the property to claw back any of the moneys owed.

Not the lenders, no...but the Official receiver can reverse the transaction to realise the asset for the BR.

Which would means either [a] selling it], or your relatives having to pay full market value to retain it.

woodformoretrees

Yes they (the OR) can/will. The property would be sold to equally pay creditors and fees.

longtermplanner

kayz5 wrote: »

i had a property freehold but gifted it to my sisters (3) as i owed them a lot of money due to bad habits,

You shouldn't have done this. You may have owed them money, but by doing this you have "given them unfair preference" over your other creditors.

the house has been fully transferred over to their names for the past six months.

That's not nearly long enough to make a difference. After 5 years you should be ok.

if i go bankrupt now, can any of the lenders put any form of charge on the property or look into acquiring the property to claw back any of the moneys owed.

Not your lenders, because bankruptcy will have wiped out the debt. But the Official Receiver will require the house to be transferred to him. Or to be sold and he will get the money. Your 3 sisters can choose to buy it from the OR if they want.