I am hoping you can provide some general advice on what would happen to the family home following a bankruptcy. Assuming there was no equity in the property (or at the most equity of £2,000 to £3,000) and I continue to meet the mortgage repayments will the property still need to be sold by the OR? Is there any way that the property can be retained and what happens after the bankruptcy order has finished? Any help would be very much appreciated.
If there is no equity in the property, or only a modest sum of say less than £5,000, the Trustee will try and return that to you by way of you or a friend or family member acquiring the beneficial interest. The best thing to do would be to get the property valued, obtain a mortgage redemption statement and then calculate the value of the equity you feel you have in the property - and then make an offer to the OR of anything from £1 up to the value of the equity if you can afford to. The OR will often let you pay in instalments if the amount is relatively low.
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
what would happen to family home following br?
Posted - 15 July 2008 : 20:30:17
