bankruptcyhelp.org.uk Forum - repossession? When?

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bankruptcy postbag for july

repossession? When?

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hammy0107
Junior Member

399 Posts

Posted - 02 July 2008 : 17:36:11

Hi all,

Wonder if somebody can help me here.

My understanding is that the OR will not commence repossession for 12 months as we are a family with child. Is this correct?

What then happens at the end of the 12 months? Do they kick you out and then sell the house or do they sell the house and then kick you out?

If at the end of 12 months the equity in the house is still minimal would they still repossess or wait until the equity has increased?

JulianDonnelly
Junior Member

United Kingdom
325 Posts

Posted - 04 July 2008 : 16:12:49

Hi Hammy,

The timing is entirely at the OR's discretion. It is worth noting that under the 2002 Enterprise Act, they have a maximum of 3 years to deal with a residential property. If in doubt, talk to your OR.

Regards

Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk

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