UK bankruptcy

Discussion in 'Bankruptcy' started by Petert, Feb 27, 2010.

  1. Petert

    Petert Guest

    can anyone advise me please
    I may face high court fees as a result of litigation. Can I transfer
    all my assets to my wife so that I can claim bankruptcy if I loose my
    case here in the UK?
    Petert, Feb 27, 2010
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  2. If you do it well under market value, I'd expect the receiver to reverse
    the transaction and go after the assets. They do ask about and look back
    at recent asset transfers. Otherwise everybody would be doing it!

    Mark T. B. Carroll, Feb 27, 2010
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  3. Petert

    Petert Guest

    Thanks for that.
    Does the receiver take all assets up to the amount owed?
    eg house, pension investments etc
    Petert, Feb 27, 2010
  4. They get to take quite a lot to pay the creditors. You would still
    normally get to keep basic household goods, things worth only a couple
    of hundred pounds -- basically, cheaper things that you need for
    day-to-day living and work. But, yes, you can lose your home. They'll
    sometimes give you a bit of time to find somewhere new to live though,
    especially if you have a family.

    I think there might be some sort of protection these days for certain
    pension schemes. I am not a solicitor. Perhaps someone who's actually
    been through it can post and provide more detail?

    Mark T. B. Carroll, Feb 27, 2010
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