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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I live in USA and this is where my company is . I am at point

Customer Question

I live in USA and this is where my company is . I am at point of bankrupty having used everything to try and avoid . I deal with amongst others Scottish based companies and have a house in Scotland which is not worth much but may possibly just be worth slightly more than mortgage on it . Can they take this as it would be all I have left and homeless without it .
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,


Thank you for your question. I am happy to assist you.


You can consider a Chapter 7 bankruptcy.



A Chapter 7 bankruptcy may discharge (erase) all of your personal liability on the business and personal debt. It would be an opportunity for a fresh financial start.


Unfortunately there is not a California bankruptcy exemption available for the house located in Scotland. However, you could consider purchasing the trustee's interest in the property. This would mean that you would pay the bankruptcy trustee over a period of time (negotiated by your lawyer), the value of your equity in the property.


You can read the statutes regarding California exemptions in full at:

https://www.totalbankruptcy.com/state_exemptions_california.htm


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Customer: replied 8 years ago.

Hi There

 

Thankyou for your help , should I speak to major creditor who does I think want to help and knows there is not much money in house in UK but is at the end of their tether . If he puts a lien on house to sell it in UK before I file bankruptcy ill that affect the matter anymore than at present .

 

Would attempting to put it in someone elses name change anything .

 

sorry for all the questions but never found myself at such a desperate stage .

 

thankyou

Expert:  Ellen replied 8 years ago.
Hello,


Putting the house into someone else's name would be considered to be a fraudulent transfer. You could have your discharge denied.


If the creditor liens the house in the UK, the bankruptcy trustee may attempt to set aside the lien as a preference to that creditor.


I hope that this helps.



Thank you,



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE