If someone is declared bankrupt, how likely are they to lose their house and if so, how quickly is it likely to happen ? Also if that person is a nurse, would they lose their job ?
I have helped many many nurses through various insolvency solutions including bankruptcy and it has not affected them. It is always worth double checking your employment contract to be 100% sure that your employer hasn't got an odd clause somewhere.
Regarding the house - it does depend upon equity. On making the bankruptcy order your share of any equity in the house will belong to the official receiver so to retain the house you need to maintain mortgage payments and be able to purchase the equity back from the OR.
If there is no or negative equity then it is a process of transfering the beneficial interest ( equity) for a pounf plus legal fees.
Many thanks for the reply. Sounds like it might not be quite as bed as I feared. The person in question is a friend who hasnt told me directly so I dont know much of the debt detail but I believe its connected to a marriage from a few years ago which didnt work out. She has had her own house and mortgage ever since then which isnt connected to anyone else and I cant imagine for one minute she wont be able to keep up the mortgage payments.
I appreciate no-one can say for sure without specific details but if thats the case am I right in thinking I probably have no reason to be too concerned for her ?
Thanks again for any advice, I just want to put my mind at rest.
Can I ask is this the same for someone that works for the police? Not an officer but support staff??? Do they loose their job if they have to declare bankruptcy, would you know?
If someone is declared bankrupt
Posted - 04 August 2009 : 08:52:06
