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VIC Will Husband Buying House from Me Save It from Bankruptcy?

Discussion in 'Debt and Bankruptcy Law Forum' started by K1M, 26 October 2015.

  1. K1M

    K1M Member

    Joined:
    25 October 2015
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    I'm currently bankrupt and my husband wants to buy my house from me for us to keep it. He wants to do this in order to pay out my debt owed to the creditor. Will this work? Will we need to inform the trustee who is in charge of my bankruptcy?
     
  2. James D. Ford - Solicitor

    James D. Ford - Solicitor Well-Known Member

    Joined:
    19 June 2014
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    Hi Kim

    Whilst you are Bankrupt, your Trustee in Bankruptcy has control of your assets (including your home)..

    If your husband wants to buy the Property he will need to purchase
    it from your Trustee... who will then distribute the proceeds (after costs) to your creditors.

    Kind regards
     

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