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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 11147
Experience:  Barrister 17 years experience
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I got left half of my parents house when my mam died

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I got left half of my parents house when my mam died thinking about transfering my half to wife my dad still lives there, I could be going into an iva or possibly bankrupt could they take my parents home if I do.

Hello, and thank you for your question. I am your Expert and I will provide the answer you require.

1. The bot***** *****ne is that you need to ensure that if your wife gets a share in your parents´house from you that she pays full value for it. This is because if you go into a bankruptcy proceeding or an IVA during the subsequent five year period, it may be set aside and instead form part of the proceeds available to your creditors.

2. A trustee in bankruptcy has a power to set aside a transaction where an individual, in the five years before his bankruptcy, disposes of an asset as a gift, in consideration of marriage or a civil partnership or for significantly less than the asset was worth, if the individual was insolvent at the time or became insolvent as a result of the transaction in question (section 339, Insolvency Act 1986).

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Customer: replied 1 month ago.
what be the best way keep the share of the house because my wouldnt be able buy my share

4. Please Note I don´t provide the Live Phone Call Service. Some other Expert will have to provide that to you if you want it. The bot***** *****ne is that holding onto the house and going into a bankruptcy proceedings or an IVA just aren´t compatible. You can have one but you cannot have the other. The only other option is that any transfer is for full value. I regret to say you cannot keep your assets if you go bankrupt or enter any bankruptcy proceedings as then all your assets are avaiable to meet the demands of your creditors.

Customer: replied 1 month ago.
what would be best way to keep the share of the house if she did buy my share where would the money go too.

5. The money would have to go to you, as otherwise, it is not an arm´s lenght transaction and it can be set aside by any trustee in bankruptcy or person appointed to handle your IVA.

6. You need to realise that all of this legislation has been put in place to prevent people doing just what you are thinking of doing. Namely, get their slate wiped clean whilst keeping their assets. So, for this reason, there is all of this avoidance legislation to prevent this happening.

7. Please Rate the answer using the buttons at the top of the page as otherwise your expert remains unpaid by the website. This is separate to any phone call service.

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Customer: replied 1 month ago.
could I give my share back to my father