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Legally, if a party gifts away property/assets or puts it into a Trust for the benefit of a third party, and is then made bankrupt within 5 years from the date of the transaction, the Trustee in Bankruptcy can try and claim back the property if he can prove the transaction was made by you to avoid creditors.
In your case, I note there may be litigation pending. If this third party were successful in any Court action against you, and you were then unable to pay what was owed to them, they would have 2 alternatives-
1. make you Bankrupt.
2. make a further application to Court in order to register what is called a Charging Order on your share of your property. This Charging Order then basically sits on your title and as and when the property is eventually sold, you would need to pay to the third party the money outstanding to enable the Charging Order to be removed from the title.
I can't of course say whether either of the above is likely to happen and can only give general advice. However, making someone bankrupt is not normally the best way to get your money back, and the Charging Order scenario would only be possible if you retianed your name on the jointly owned property.
I hope this assists and sets out the legal position.