Transfer of Property

[mickeyg]

If a person transfers property to another family member say a nephew and it can be shown to be solely to put out of reach of creditors how long after the transfer has been done does the creditor have to reverse the transaction on he grounds that it was fraudulent.

 

[Steve Thatcher]

If it is a transaction defrauding creditors, the Official Receiver could go back any length of time, but in practice I think it would be safe after five years

Steve Thatcher
Www.debtoptions.ie

 

[C.Murphy]

Steve,

Could you sell the property to a family member for a "fire sale" price and the family member then transfer ownership it to your own children?

C.

 

[quinnotis]

i have family home worth 300,000 outstanding mortgage is 50,000. i have 5 rental properties all in massive negative equity.
apt 1- mortgage 156,000 value now 65,000
apt 2- mortgage 240,000 value now 100,000
apt 3- mortgage 121.000 value now 40,000
apt 4- mortgage 132,000 value now 60,000
apt 5- mortgage 128,000 value now 60,000 (all approx values)
my husband has lost his job a year and a half. can no longer keep up with repayments. would i be better of selling family home and just emigrating. could the banks follow me for the investment debt. will they make me sell house if i stay