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Category: Law
Satisfied Customers: 33383
Experience:  Barrister at Self Employed Barrister
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I separated from my partner 25/05/2015. We had a joint

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Hi. I separated from my partner 25/05/2015. We had a joint mortgage at the time of separation. The house was sold after the separation ,and all the money from the sale went to purchase my new home where I live with my two children. My ex-partner is now applying for bankruptcy - 1 month after we sold the house. We have no joint loans or any other joint debts. My question is : how can my ex-partner's bankruptcy affect me? Is my home safe?
is he on the mortgage?
Customer: replied 2 years ago.

No. I don't have a mortgage. I am a sole owner of the house with no mortgage. He is not on the deed ,

You should be fine. If transfers of property take place before a Bankruptcy Petition is issued, the property does not vest in the Trustee in Bankruptcy, and the you would generally be able to retain the benefit of the property. However the Trustee in Bankruptcy has powers under the Insolvency Act 1986 to review financial orders made upon divorce if the court is satisfied that a transaction took place in order to put assets outside the reach of creditors or potential creditors. The Trustee may have evidence of a potential fraud taking place between the spouses into the matrimonial transaction for the purpose of keeping assets outside the reach of potential creditors. The Trustee might argue that the bankrupt has transferred assets to his former spouse within two years of presentation of the bankruptcy petition whilst he was insolvent, and that that transaction was carried out to protect and improve the position of the wife in the event of a bankruptcy. The Trustee would have to establish that the transaction was carried out with the express purpose of prejudicing other creditors. Happy to discuss. Please rate positive Happy to discuss . Please rate positive.
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