If my husband goes bankrupt what happens to our home which is currently in negative equity approx £ 10000. We are both in a iva but his salary has dropped over £1000 per month since starting arrangement 18 months ago.
If you declare bankruptcy, then the official receiver will value the house again in 2 years and 3 months time and deal with any equity at that point. Although, you can make an offer to buy back the beneficial interest before that point.
Please take advice from your insolvency practitioner regarding your IVA as you can either see if you can have the IVA varied if you want to stay in the IVA, or start the process to fail the IVA, which you will need to do before you can declare bankruptcy.
Hi If my husband goes bankrupt what happens to our home ?
Posted - 07 February 2012 : 14:09:27
