My house had been forsale for a year when I was made bankrupt. There is approx £200k equity with debts of approx £40k. My house has sold in the past week but I haven't heard from a trustee yet. What happens now?
Legally speaking, you MUST inform your Trustee of the sale as your assets vest with him or her. The money will be taken by the Trustee and used to repay your creditors and any fees that have been incurred. The remainder HAS to be returned to you. Once repaid, the Trustee will apply to the court for your discharge from bankruptcy.
Hope all goew well
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As Blackie says - once you get the money you must pay off your debts and anything else will come back to you.
This way you can start again with a clean sheet.
Good luck and let us know how you get on.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant