i had a public house 2 years ago and i was made bankrupt in oct 2007 for 1 year the trustees are after about £40000 my house is worth about £165000 and i have a mortgage of £78000 when my 12 months are up will the trustees whant to sell my home
the Trustees need to decide that they have an interest in the property within the first year. They then have up to a further 2 years to realise this equity.
I would really encourage you to speak to a specialist mortgage broker to see if a remortgae ( after discharge ) is possible so that you can release the equity for the OR. There is a great mortgage broker on the IVA site - Bright Oak that is worth a phone call.
When you sat 40k was that the debt or is that the likely amount required as these are usually very different amounts.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
will the trustees want to sell my home ?
Posted - 05 September 2008 : 16:56:17
