Q My partner’s company is failing. We are concerned it may go bust and the creditors force us to sell our house, which we own jointly. I am a full-time mum and have no income. Could I put the house in my name and thus avoid it being taken away from us if the business does fail? If it is possible, what might the implications of this be and how much might it cost?BBA If your partner is at risk of being made personally bankrupt it would be a very bad idea to put the house in your name only. That is because giving away assets to avoid them being included in a bankruptcy comes under the heading of “unfit conduct”. And being guilty of unfit conduct can give rise to a bankruptcy restriction order that can make bankruptcy last for between two and 15 years rather than being discharged after 12 months. Continue reading…
Source : theguardian.com
Read more…Can we transfer ownership to avoid bankruptcy?
