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Property and Bankruptcy

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Hi all,

I just need this cleared up, for some reason I understood that you must have been living in your property if you want it to be part of your bankruptcy, is this correct?
Thanks

Comments

  • luvchocolate
    luvchocolate Posts: 3,390 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    I included 2 properties..both buy to let mortgages in my bankruptcy. 
    One had never been occupied. 
  • fatbelly
    fatbelly Posts: 23,027 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Not sure I understand the question.

    The trustee in bankruptcy has a responsibility to liquidate your assets for the benefit of your creditors. The rules are a little more flexible for your primary residence but generally anyone with equity in property should tread carefully and consider whether bankruptcy is the best strategy


  • There was very little equity in the property and there was a short lease so trusteein B could not sell it 
    I cannot remember if I had declared income when it was rented or if I had it empty some times
  • luvchocolate
    luvchocolate Posts: 3,390 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    Looking at your other posts..your situation does sound quite complex 
  • Keep_pedalling
    Keep_pedalling Posts: 20,991 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Looking at your other posts..your situation does sound quite complex 
    https://forums.moneysavingexpert.com/discussion/6527068/possible-aquired-property-shared-beneficial-interest-in-inheritance-property#latest

    What a mess. This all seams to have resulted from a DIY IHT avoidance scheme that has gone horribly wrong. Or is this a different property that is actually in your name?
  • BROKEBUT4HOPE
    BROKEBUT4HOPE Posts: 127 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    It is a mess and I am very very stressed. Now that I am in a case against my brother and there is a potentional inheritance claim but we (me and my siblings are making a claim against him and it is costing us in fees most what we could gain) we are doing this more for the principle.
    Now an OR has accepted to do a deed of assignment but is accepting offers including him. I think this is crazy since he clearly has all the money and I dont. 
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