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Owned house deeds to be signed to avoid debt.


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Person A owns a house and is a guarantor for a bankrupt business (person B), so is now liable if person B cannot keep up payments and person A has been threatened that they have to sell the owned house if such happens. Person A has offspring and was wondering if it is legally elligible to sign the deeds to the fully owned house over to the offspring thus ridding the burdon of losing the property as person A would no longer own the house. Any advice, positive or negative, would be gratefully received. Thank you all for your time.

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You can obviously do it BUT I believe there is case law for a judge to reverse it if they convince him/her you are doing it just to keep the assets out of the hands of creditors and the true value of the house has not been paid for between the parties.

 

Tread carefully and if a property is involved I would ALWAYS recommend a professionals advice, its just too big a risk not to.

 

S.

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Deal with your debts:

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IMPORTANT: Please take my advice in the spirit it is given and on the basis that I am expressing my opinion, These opinions are not endorsed by CAG in anyway and are offered informally without prejudice or warranty of any kind. These opinions are solely based upon the knowledge I've gained from this fantastic site and life in general. I have NO legal training.

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Oh and please please please google Unfit Conduct in Bankruptcy, disposing of assets is one of the criteria :-(

 

S.

Are You as Anonymous on CAG as You Think You Are? *Link*

 

The CAG is a free help site,should you be offered help that requires payment,please report it to site team.

 

Deal with your debts:

STEP ONE - Dont Panic! | STEP TWO - Priority & Non Priority Debts | STEP THREE - Personal Budget Sheet | STEP FOUR - A SAFE bank Account | STEP FIVE - Dealing with Priority Debts | STEP SIX - Non-priority Debts | STEP SEVEN - Non-Priority Debt-Repayment Opt1 | STEP EIGHT - Non-Priority Debt-Repayment Opt2 | STEP NINE - Perils of Consolidation | STEP TEN - RE-Evaluate Frequently

 

***** SERIOUSLY IN DEBT, DONT KNOW WHAT TO DO, TRY NationalDebtLine's MoneySteps *****

 

 

IMPORTANT: Please take my advice in the spirit it is given and on the basis that I am expressing my opinion, These opinions are not endorsed by CAG in anyway and are offered informally without prejudice or warranty of any kind. These opinions are solely based upon the knowledge I've gained from this fantastic site and life in general. I have NO legal training.

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Person A owns a house and is a guarantor for a bankrupt business (person B), so is now liable if person B cannot keep up payments and person A has been threatened that they have to sell the owned house if such happens. Person A has offspring and was wondering if it is legally elligible to sign the deeds to the fully owned house over to the offspring thus ridding the burdon of losing the property as person A would no longer own the house. Any advice, positive or negative, would be gratefully received. Thank you all for your time.

 

Good afternoon Jamhead

 

Can you please provide some further details on your case.

 

Are you a Personal Guarantor and therefore principle debtor? Can you scan in and post up the Guarantee Agreement? - leave out your personal details

 

What is the amount being claimed?

 

Why is the creditor saying that you will need to sell your home to pay of the debt he claims?

 

Have you offered to repay the debt at a rate you can afford?

 

As stated by others, do not attempt to transfer the title of your property!

 

If you are indeed liable for this debt, you will not lose your home as there are other options available to you, if the creditor behaves unreasonably towards you and or any offer to repay the debt, then this will go against him (as far as costs are concerned) if he should commence with litigation, also, his conduct (if unreasonable) will ensure that you are not forced by the court to sell your home.

 

Please provide as much detail as you can and we shall see what your best option is and advise you accordingly.

 

Kind regards

 

The Mould

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Moved to the Legal Forum.

Anthrax alert at debt collectors caused by box of doughnuts

 

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Good afternoon Jamhead

 

Can you please provide some further details on your case.

 

Are you a Personal Guarantor and therefore principle debtor? Can you scan in and post up the Guarantee Agreement? - leave out your personal details

 

What is the amount being claimed?

 

Why is the creditor saying that you will need to sell your home to pay of the debt he claims?

 

Have you offered to repay the debt at a rate you can afford?

 

As stated by others, do not attempt to transfer the title of your property!

 

If you are indeed liable for this debt, you will not lose your home as there are other options available to you, if the creditor behaves unreasonably towards you and or any offer to repay the debt, then this will go against him (as far as costs are concerned) if he should commence with litigation, also, his conduct (if unreasonable) will ensure that you are not forced by the court to sell your home.

 

Please provide as much detail as you can and we shall see what your best option is and advise you accordingly.

 

Kind regards

 

The Mould

 

This is a guarantee for a business debt, not a consumer debt. It is possible that the creditor will go the bankruptcy route, in which case losing the home is a possibility over which the OP will have no control. There will be no option to make instalment payments if the OP is made bankrupt, the trustee will simply look to realise all the assets and an unencumbered property is a pretty good asset.

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