Thinking of going bankrupt

[exasperated]

if you wish to go bankrupt as you cant pay mortgage or debts but have a share in an inheritance in land do they take this inheritance?

the inheritance is 'tenants in common' so its jointly owned between me and 3 siblings. Would they make the others buy my share or what would happen? Its worth about €20000

 

[Jim2007]

if you wish to go bankrupt as you cant pay mortgage or debts but have a share in an inheritance in land do they take this inheritance?

the inheritance is 'tenants in common' so its jointly owned between me and 3 siblings. Would they make the others buy my share or what would happen? Its worth about €20000

When you are declared bankrupt, all of your assets are used to meet your debts, so yes the land will form part of the debt settlement. The two remaining siblings will either have to buy you out or see the land sold...

Furthermore you should be aware that all of your business dealings in the period prior to bankruptcy will be reviewed to ensure that you did not try to frustrate the bankruptcy by putting assets beyond the reach of the OA - like transfer the land for instance without obtaining market value...

 

[exasperated]

Thank you Jim

 

[gearoidc]

Furthermore you should be aware that all of your business dealings in the period prior to bankruptcy will be reviewed to ensure that you did not try to frustrate the bankruptcy by putting assets beyond the reach of the OA - like transfer the land for instance without obtaining market value...

Can you tell me please if there is a maximum on the period of time for which you will be required to provide details?
Thanks.

 

[Jim2007]

Can you tell me please if there is a maximum on the period of time for which you will be required to provide details?
Thanks.

I'm not aware of any time period, it depends on what the OA finds and what point you could have reasonably known you were heading for bankruptcy. And of course the nature of the activity.

 

[GotTheTshirt]

Gearoidc, from what I remember, its the last five years of financial history. Please double check though, I'm certain this information is available online, directly from the appropriate government website.

 

[Nearly there]

When you fill in your statement of affairs form 6.28 to lodge in court you are asked have you disposed of property or assets in the last 5 years. The official receiver also receives a copy of this document.

"Have you in the last five years given away, transferred

or sold for less than its true value any property or

possessions you owned? This includes the surrender of
life, endowment and pension policies".