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T O P I C R E V I E W
Andrea.n
Posted - 25 August 2014 : 13:09:23 My house had been forsale for a year when I was made bankrupt. There is approx £200k equity with debts of approx £40k. My house has sold in the past week but I haven't heard from a trustee yet. What happens now?
3 L A T E S T R E P L I E S (Newest First)
pcoventry2
Posted - 28 August 2014 : 21:48:49 If your only debts are 40K then that sounds like a good ending to me you can start again and be sorted. I had only the shirt on my back when I was tossed from the train wreck.
Niobe
Posted - 25 August 2014 : 14:36:38 Hi and welcome to the forum.
As Blackie says - once you get the money you must pay off your debts and anything else will come back to you.
This way you can start again with a clean sheet.
Good luck and let us know how you get on.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Blackie
Posted - 25 August 2014 : 13:44:06 Hi Andrea.n
Legally speaking, you MUST inform your Trustee of the sale as your assets vest with him or her. The money will be taken by the Trustee and used to repay your creditors and any fees that have been incurred. The remainder HAS to be returned to you. Once repaid, the Trustee will apply to the court for your discharge from bankruptcy.
Hope all goew well
John Blackadder
For help and advice on the easiest and most effective way to a debt free future, please telephone me on FREEPHONE 0800 298 0253
