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 when we go bankrupt can we stay in the house a few weeks ?
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db123
Starting Member



18 Posts

Posted - 07 January 2012 :  10:46:42  Show Profile  Visit db123's Homepage  Reply with Quote
when we go bankrupt can we stay in the house few few weeks or do we have to leave immedimately.

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 07 January 2012 :  11:30:02  Show Profile  Reply with Quote
Do you want your house to be repossessed?

Is there any equity in the house?

You don't necessarily lose your home once you declare bankruptcy. Please post some more details or contact an expert.



Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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Steve Thatcher
New Member



United Kingdom
70 Posts

Posted - 09 January 2012 :  10:20:07  Show Profile  Visit Steve Thatcher's Homepage  Reply with Quote
If you rent the property and can continue to pay the rent, you can stay.

If you own the house and can continue to pay the mortgage and secured charges, and wish to stay you can.

If you own and cannot afford to stay and indeed if you do not want to stay you will be able to stay in the property until asked to vacate by either the OR or more likely the mortgage company. This may depend on whether there is equity or not.

Many clients of mine are able to stay a number of months in the property before they are asked to vacate.

Steve Thatcher
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Niobe
Administrator



United Kingdom
4590 Posts

Posted - 09 January 2012 :  11:07:39  Show Profile  Reply with Quote
If you do own your house then the OR can keep an interest in it for two years and three months before deciding what to do with it.

Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe



Jan
xxx
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