hi I am due to be made bankrupt. I own a small property in france jointly with my wife the equity is 1,500 euro, will the reciever want to take the property. ross
you will have to declare the existence of the property once you have been declared bankrupt.
It is unlikely that the OR will permit you to continue making regular contributions to any loans / mortgage secured on the property.
I'm not sure of French property law but if possible the OR may also place a restriction on the property preventing it from being sold without your share of equity realised in the sale being passed to the OR, on sale, as part of your estate. As this property is not your matrimonial home there is no time limit for the OR / trustee to claim your share of any future sale proceeds.
Just wanted to add DGC, that if you have anymore queries or questions please do continue to post and we will be more than happy to offer some advice.
Take care
Jo x Wishing you A Very Merry Christmas & A Happy Debt Free 2009
20 Weeks down
32 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
hiI am due to be made bankrupt.
Posted - 20 December 2008 : 22:40:36
