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Ed Turner
Ed Turner,
Category: Law
Satisfied Customers: 1923
Experience:  Director and Consultant Solicitor (Self-Employed) at Ed Turner LLB Limited
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When declaring yourself bankrupt, can the creditors ask for

Customer Question

When declaring yourself bankrupt, can the creditors ask for their money from my partner and children if i have given the money to them for the house?
JA: Where are you? It matters because laws vary by location.
Customer: England
JA: What steps have you taken so far?
Customer: Liquidation
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: We sold the matrimonial home a year ago. We have lost the business due to covid. But the house was sold and money gifted to our sons to help them on the property ladder
Submitted: 18 days ago.
Category: Law
Expert:  Ed Turner replied 18 days ago.

Hello.   I am Ed, a Solicitor qualified in England & Wales with over a decade’s experience in the legal profession advising clients.

I specialise in Commercial Contracts, Business Transactions, Employment, Dispute Resolution, Personal Injury and Road Traffic Law and shall be reviewing your legal problem today.

Regarding the site’s automatic offer of a Premium Service Phone Call, I shall be delighted to talk with you by phone to discuss your issue in greater detail if you accept the offer.

However, if you do not want a phone call, please cancel the offer for a Premium Service Phone Call and you will not be charged extra.

Expert:  Ed Turner replied 18 days ago.

This conduct will probably be looked dimly upon by your trustee in bankruptcy.   A person who has been declared bankrupt, or is about to file for bankruptcy, and attempts to hide their cash and property assets from their creditors by transferring them to friends and family at an undervalue will be found out as the trustee will review records of your financial affairs for at least the last five years prior to the bankruptcy.

The trustee can recover the property and use it to repay the bankrupt’s creditors, while imposing a lengthy Bankruptcy Restriction Order (“BRO”) on a bankrupt who has acted dishonestly or recklessly.  Bankruptcies are generally discharged after 12 months from the date of the Order.  However, the trustee can impose a BRO of up to 15 years.

Expert:  Ed Turner replied 18 days ago.

I hope this resolves your enquiry.   Please revert to me if you require any clarification of my answer to your question and I shall be delighted to assist.

Kind regards

LawyerEd

Customer: replied 18 days ago.
Thank you Ed
Expert:  Ed Turner replied 18 days ago.

I am delighted that I have resolved your enquiry.

I wish you all the very best in resolving this matter and of course for safely navigating the current “choppy waters” in which we all find ourselves. :)

Kind regards

LawyerEd