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Kelvin.ry
Starting Member
7 Posts |
 Posted - 26 February 2012 : 14:33:38
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my late mother left me her house in her will,however my older brother and two sisters have contested this and the house is still in probate after 1and a half years,however the solicitor still believes that it will come to me,In January 2012 I was dissqaulified by the courts for being a company director for the next 11 years,the court costs from the prosecution are £83K, I am now out of work,I stay at my mums,I am sure that I willbe made bankrupt,and the house will come to me,no mortgage on this.Value is approc £225,000.I mm divorced with 3 young children who live with there Mum in her own property,
What is my position ( I can imagine) :) Really need help here I am asking for advise and nobody knows.I am British and the house in is Wales. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 26 February 2012 : 15:36:39
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Hi Kelvin,
Any inheritance will go the official receiver if you are made bankrupt.
I suggest you contact an expert on here to chat through your situation and see what options are available.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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debtinfo
forum expert
2826 Posts |
Posted - 26 February 2012 : 15:38:52
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| hi, im not sure what you are actually asking, if you ask a specific question i hope we can answer it for you? |
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Kelvin.ry
Starting Member
7 Posts |
Posted - 26 February 2012 : 16:54:36
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quote:
Originally posted by debtinfo
hi, im not sure what you are actually asking, if you ask a specific question i hope we can answer it for you?
Can i not form a trust or offshore company and pas title to this,so that the house is protected,then I just pay a rent to the company.Therefor keeping the proerty.
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Kelvin.ry
Starting Member
7 Posts |
Posted - 26 February 2012 : 16:56:45
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quote:
Originally posted by Viki.W
Hi Kelvin,
Any inheritance will go the official receiver if you are made bankrupt.
I suggest you contact an expert on here to chat through your situation and see what options are available.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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Kelvin.ry
Starting Member
7 Posts |
Posted - 26 February 2012 : 16:59:08
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quote:
Originally posted by Viki.W
Hi Kelvin,
Any inheritance will go the official receiver if you are made bankrupt.
I suggest you contact an expert on here to chat through your situation and see what options are available.
Viki Warbrooke
Thankyou for your advise,there must be a way to protect thr house,its not mine yet so could i form a trust or offshore company and pass title to that,or could a company put a charge on it so that the company has control of the property,can probate pass directly to such a company or must it be in my hands first.?
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 February 2012 : 17:06:38
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I don't think you will able to as it is an inheritance due to you and to try and set up a trust now or something else would be to try and 'hide' the asset from the OR and that would not go down very well.
I agree with Viki that it would go to the OR.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Kelvin.ry
Starting Member
7 Posts |
Posted - 26 February 2012 : 17:15:45
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quote:
Originally posted by kallis3
I don't think you will able to as it is an inheritance due to you and to try and set up a trust now or something else would be to try and 'hide' the asset from the OR and that would not go down very well.
I agree with Viki that it would go to the OR.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
Thankyou Jan
Not giving up yet
Thankyou
'Cause there's no one like you in the universe
Jan
xxx
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debtinfo
forum expert
2826 Posts |
Posted - 26 February 2012 : 17:38:25
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| If your mother has already died then it is to late for that, the best bet would surely be to try and hold off the creditors until you can sell the property and pay them in full rather than being made bankrupt where you would lose alot more with fees and charges |
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Kelvin.ry
Starting Member
7 Posts |
Posted - 26 February 2012 : 17:42:59
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Ok thankyou for advise but the house has not been passed to me yet as it is still in probate/dispute,so would that not give me time to arrange to pass or sell the title to a trust or similar.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 February 2012 : 18:02:41
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I think that the fact that is due to you is the key factor - if you do anything with the house then the OR can overturn what you have done.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Kelvin.ry
Starting Member
7 Posts |
Posted - 26 February 2012 : 18:09:42
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quote:
Originally posted by kallis3
I think that the fact that is due to you is the key factor - if you do anything with the house then the OR can overturn what you have done.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx
Thanks Jan
But there must be away,somebody knows the answer,ill keep looking
Thabkyou
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 February 2012 : 18:26:54
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I do stand to be corrected but if that house is going to be yours and you do something so that you cannot touch the equity just to keep this from going into bankruptcy then I think you could be in trouble with the OR.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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debtinfo
forum expert
2826 Posts |
Posted - 26 February 2012 : 18:35:16
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Yep Kallis is right, the asset is yours from the moment that yourmother died leaving the will, that is when you inherited, just because you cannot physically rtake it yet does not change that. the only way that would change is if there was a legitimite reason to change that, for instance if it was proved you faked the will or something. If you allow the asset to be divided or given to someone else without a legitimite reason or fail to addaquately defend your position then at a later bankruptcy the trustee could overturn that decision. I dont know what the exact situation is or if there was a legitimite reason to change it but it seems that your mother did want to leave it to you.
I would have thought that you would see it as a possitive, yoiu get to pay all your debts and come out with a decent amount for yourself |
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I really need help here
