Welcome to the forum MMACD.

A trustee at some point will be responsible for verifying what property you own (and perhaps also whether any property has recently been transferred out of your ownership).

Thanks, I owned a property and sold it in January 2013 - does this mean I will not be eligible?

Hi again MMACD.

No, not at all.

Where questions might arise could be if the sale generated a large sum of money. It might be reasonable for a trustee to enquire what happened to those funds.

Questions might also arise if a property had been sold for substantially less than its true value - perhaps to a family member for example.

These are things you could check off with a potential trustee before ever becoming committed to going ahead with the process though. There's really nothing stopping you looking into it some more if you think it might be the right way forwards for you.

Hi MMACD and welcome to the forum,

If you sold your property in 2013 and it was for the full value or as close to this as possible then there won't be a problem.

As part of our process we ask all clients if they have sold or transferred any assets including property to anyone in the last 5 years. The reason for this is that from time to time individuals will sell or transfer an asset to a friend or family member without understanding the implications that this could have if they entered into a Trust Deed or Sequestration. It could be viewed that if someone didn't sell an asset for the full value or gave away an asset for no value they could be trying to avoid paying back as much to their creditors as possible.

In the majority of situations (99 out of 100) there isn't a problem but to give a client good advice we need to establish all of the facts to ensure that don't put them into something which has severe consequences.

TDA make a good point about checking all of this with a couple of companies and also to see how each company will deal with your case.

Can you give us a little more information about your situation i.e. what your total debts are, are you in employment and do you own any assets at the moment?