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Ask Clare Your Own Question

Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33318
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Can our bungalow be saved for our children if my husband goes

Customer Question

Can our bungalow be saved for our children if my husband goes bankrupt. There is no mortgage
Put into their names
Put into a trust
put into my name
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare and I will do my best to help you but I need some further information first.
How soon is this likely to happen?
How much is the property worth?
Clare
Customer: replied 3 years ago.

Up to us when and if it happens.


Property value approx. £200,000 maybe a bit less.

Expert:  Clare replied 3 years ago.
Hi
How old are the children and how much does your husband owe?
Clare
Customer: replied 3 years ago.

My children are 36yrs,37yrs and 46yrs
My husband owes approx. £40,000

Expert:  Clare replied 3 years ago.
Hi
Is the Bungalow currently in joint names and how old are you both?
Clare
Customer: replied 3 years ago.

Currently in joint names


I'm 71yrs my husband is just 72yrs.

Expert:  Clare replied 3 years ago.
Hi
Who is the debt owed to?
Clare
Customer: replied 3 years ago.

7 different credit cards


Could you also tell me how long this is going to take for a complete answer please.

Expert:  Clare replied 3 years ago.
Hi
I do not have good news I am afraid
Half of the equity is entirely safe since his Bankruptcy cannot effect your interest in the property.
However there is nothing you can do to protect his share from the Trustee in Bankruptcy unless he is able to wait at least five years after the Transfer before going Bankrupt.
If he does go bankrupt within five years then the Trustee will be able to apply to have the Transfer set aside- at extra cost to all concerned.
I am sorry not to give better news.
An equity release may be worth considering
Clare
Customer: replied 3 years ago.

Did look into equity release but was not keen.


Can't the bungalow be put into just my name or my childrens or in trust for them did read somewhere that was possible.

Expert:  Clare replied 3 years ago.
Hi
All of this can be done - but if your husband goes bankrupt within five years then the Transfer can be set aside by the Trustee in Bankruptcy
Clare

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