someone please clarify if there is any way I would be able to keep my home if I went bankrupt? Is there something I can do to ensure this happens? I'm about to have a baby and keeping my home is so important to me.
If there is sufficient equity then I believe it has to go, unless a family member or friend can buy that equity (I think)!!! Have to tried other avenues like a DMP or an IVA?
Hi Karen welcome to the forum. Can you give us some more details please. Do you have equity in the house? An expert will be along shortly to give you more advice
hi karen i too was in the same position as you , we had 30k equity in our jointly owned property i was the 1 bankrupt and my hubby had to buy my half of the equity , we came to an agreement that 8k lump sum and 200 per month until the debt is paid , i felt so much better as the wheels were in motion and the reposession order was going through ,we are now at rest knowng we dont have to leave our home , if you do have equity then yes you do have to pay back to the or or trustee
Your interest in the property - ie your share of the equity - will vest in the Trustee who needs to realise this and pay it to your creditors. If you can find someone able to purchase this interest for you, the property will be left outside the bankruptcy.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
keeping my home is so important to me.
Posted - 29 June 2008 : 09:53:31
