We would like to sell our house before we declare bankruptcy however we still have tenants in plavce for another 8 months.can one declare bankruptcy with the tenants in place without being at a disadvantage?
If you go bankrupt any property that you have vests in the Official receiver. If you jointly own a property and both go bankrupt, the tenants would not be your issue. It is likely that the OR would try to take the rent as income into the bankruptcy. The lender will either ask for possession of the property from the OR or repossess. Either way the only effect for you is that when it is sold, if there is a shortfall on the mortgage, it will be written off in your bankruptcies.
We would like to sell our house before we declare bankruptcy
Posted - 11 January 2012 : 13:56:22
