No, we are pretty much living hand to mouth, I'm paid hourly, and i used to have plenty of regular overtime, but this heas dried up due to the current economic situation. causing me to be down about 30% of my wages, this is what is caused my current situation.
So even if you did an IVA based upon the sale of the Bulgarian property, it might still be possible to get all of your creditors paid in full? I would definately seek legal advice on this matter. I have acted in a number of cases like this involving foreign property, and at the end of the day your creditors are the ultimate decision makers.
If your Mum is only owed £5,000 - you cannot possibly justify transferring the property worth £50,000 her for no consideration apart from the writing off of her debt.
or did you miss a "0" off the end and owe your mum £50k?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
