If you have any equity in your home, the official receiver or the trustee (if an insolvency practitioner has been appointed in place of the official receiver) may have to sell your home to help pay your bankruptcy debts.
Your husband, wife, partner, a relative or friend may be able to buy your beneficial interest in the home. This will stop the official receiver or trustee selling your home.
Beneficial interest is your interest in the proceeds of sale of the property. If there are joint owners, the beneficial interest is usually an equal share.
The official receiver or trustee can only take into account assets in your name. You must ensure you maintain your rental payments and adhere to your tenancy agreement or your landlord can take action against you.
You can also Contact Us for any information you may have about bankruptcy and we will be happy to advise you.
Click here to learn How to avoid going Bankrupt using our bankrutpcy alternatives.
A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any debt repayment plan. Repaying debt over a longer period may increase the total amount to be repaid. Phonecalls: Calls from a landline are normally free. Please consult your provider if you are unsure. Calls from a mobile may be subject to charges. If you get charged just ask us to call you back for free.