If my IVA is refused

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Blond100

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Post by Blond100 » Wed Apr 11, 2007 6:32 am
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If my IVA is refused and my only option is bankruptcy, if I own half the house and partner owns the other half, can they insist I sell my half? Am i advised to sell my half now to my partner for a minimal amount?
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MelanieGiles

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Post by MelanieGiles » Wed Apr 11, 2007 9:27 am
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Hi blond and welcome to the forum

In bankruptcy proceedings your share of the equity will vest in the bankruptcy Trustee, who has power to take possession proceedings against the property one year from the date of the bankruptcy order. If you are insolvent now, and you effect a transfer at undervalue to your partner, this can be overturned by the Trustee so is certainly not advisable.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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