i am confused to what happens to your home on the 3yr aniversary of a bankruptcy,i read that it returns back to you but i also read no it does not if the IP has a possession order,if they have a standard b charge on the property how does all this effect the property and at what time would the property be returned.PS property still not sold
I have answered your other post, however as far as the three year rule is concerned, it is a use it or loose it rule for the Trustee in Bankruptcy. Historically Trustees would sit on property for considerable time to allow equity to build, however under the enterprise act the three year rule was put into effect to stop this happening.
If a property has had a fixed charge entered by the Trustee or if the Trustee has taken possession then they have acted under the rule.
If within the three years the Trustee has done nothing then the title will be passes back to the Bankrupt.
If the Trustee has possession and the property does not sell on the open market then it will likely go to auction.
what happens to your home after 3yr bankruptcy
Posted - 16 April 2008 : 22:35:28
