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Thomas Judge
Thomas Judge, Solicitor Advocate
Category: UK Family Law
Satisfied Customers: 33008
Experience:  Award winning lawyer with over 15 years experience
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I have run up a number of debts and am thinking of going bankrupt

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I have run up a number of debts and am thinking of going bankrupt however I have 5 of buy to let properties and of course my own home. I also have my and my wife's car which I want to keep hold of.
I want to know if there is anyway I can keep hold of my assets while wiping out my credit card and loan debts
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What level of debt do you have and are the properties in your sole name?
Customer: replied 4 years ago.

Debts around 50,000 and the house we live in is in my wife and my name plus one of the buy go let in joint names too

Do you have any equity in the properties
Customer: replied 4 years ago.

I do in my own home and 3 of the buy to lets. The other 2 are probably in negative equity. I was told that if I put my assets in limited company they would be protected?


If your plan is to become a bankrupt then it is really too late to transfer properties into a limited company as the Trustee will look into these dispositions. The Trustee may also look to sell your house if this is the only way to pay off creditors and realise any other assists. As such I would be minded if I was you to meet with a financial advisor to see if there are other prospects to retain your properties.

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Customer: replied 4 years ago.

So if I did transfer the properties and cars into a limited company would they be protected? say if I Didn't go bankrupt until 2 or 3 years time ?

The trustee can look back at dispositions up to six years - but is really investigating those which appears suspicious

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