Property and Bankruptcy

BROKEBUT4HOPE

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

luvchocolate

I included 2 properties..both buy to let mortgages in my bankruptcy. 
One had never been occupied. 

fatbelly

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

BROKEBUT4HOPE

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

Looking at your other posts..your situation does sound quite complex 

Keep_pedalling

luvchocolate said:

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

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.