Crosswords1 min ago
House title
5 Answers
How to transfer house title to other peron who filed bankruptcy. Are they gonna find out that this person filed for bankruptcy.
Answers
1 to 5 of 5
Best Answer
No best answer has yet been selected by pinkneng. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
post your question here, you sure to get a quick and informative response >>> http://www.theanswerbank.co.uk/Home-and-Garden /Property/
Do you mean they have put a petition in and are awaiting a court hearing?
Do they mean can you transfer a house to someone who has filed for bankruptcy?
Any decent solicitor would do a bankruptcy search on the buyer before completion which will pick up bankruptcy petitions as well as orders.
If an order was granted then the house may well be sold to help pay creditors off.
If a mortgage is involved, this is a whole different ball game! They will do credit checks and, as above, the solicitor acting for the buyer is obliged to do the bankruptcy search before completion to protect the lender from securing their money over a property which will be sold by a receiver.
If the other way round, if the sale is at an undervalue (significantly less than the full market value and includes for no monetary value) then any decent solicitor would also do a bankruptcy search on the seller. If a result came up on the search then it is likely it will fall through.
If the seller goes bankrupt and the receiver sees the transfer as trying to get rid of assets in an attempt to defraud creditors (ie who could have been paid if sold for proper value or at least more) then the receiver can have the transfer set aside ie take it back and sell it to pay as many creditors off as possible.
Does this help?
If you could clarify your question and give some more details so we can put it in context we may be able to help better.
Posting in the law topic would be better too.
Do they mean can you transfer a house to someone who has filed for bankruptcy?
Any decent solicitor would do a bankruptcy search on the buyer before completion which will pick up bankruptcy petitions as well as orders.
If an order was granted then the house may well be sold to help pay creditors off.
If a mortgage is involved, this is a whole different ball game! They will do credit checks and, as above, the solicitor acting for the buyer is obliged to do the bankruptcy search before completion to protect the lender from securing their money over a property which will be sold by a receiver.
If the other way round, if the sale is at an undervalue (significantly less than the full market value and includes for no monetary value) then any decent solicitor would also do a bankruptcy search on the seller. If a result came up on the search then it is likely it will fall through.
If the seller goes bankrupt and the receiver sees the transfer as trying to get rid of assets in an attempt to defraud creditors (ie who could have been paid if sold for proper value or at least more) then the receiver can have the transfer set aside ie take it back and sell it to pay as many creditors off as possible.
Does this help?
If you could clarify your question and give some more details so we can put it in context we may be able to help better.
Posting in the law topic would be better too.
1 to 5 of 5
