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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3671
Experience:  Solicitors 2 years plus PQE
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We are looking as though we might have to go bankrupt and

Customer Question

We are looking as though we might have to go bankrupt and that bailiffs might be sent to our house in the future. As we have not been instructed that they are going to proceed with that action yet, we were thinking of protecting our property being taken by signing it over to our parents. So technically we won't own any assets. Can this be done?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. If you take this course of action and sign the property to your parents for nil value, and you go bankrupt within 5 years, your trustee in bankruptcy or the official receiver will be able to potentially reverse the transaction. Does the property have a mortgage? Does it have any equity? Kind regards AJ

Customer: replied 1 year ago.
We own no property. We rent. What I mean is if we gave all of our furniture and things to our parents so that they owned them, but we still used them. Could our items be taken away?
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. Will the property remain in your house? Kind regards AJ

Customer: replied 1 year ago.
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. You can try gifting it to your parents, but if the bailiffs have seen that you have done this to avoid paying your creditors they are unlikely to accept. You can take other action - you do not have to let the bailiffs in for example. Also they are not allowed to take everything, food and basic furniture they cannot remove. When are you expecting the bailiffs to arrive? Kind regards AJ

Customer: replied 1 year ago.
In the not too distant future. No demands have been made yet. It looks as though bankruptcy might be the only option. Just trying to protect our items before something bad happens.
Expert:  Alex J. replied 1 year ago.

Hi thank you. Are any of the items exceptionally valuable? Have your creditors petitioned for your bankruptcy? Kind regards AJ