Bankruptcy | What will happen to my Home?Will I lose my home?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. What happens if I rent my home?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. Bankruptcy Questions...
How to Avoid BankruptcyClick here to learn How to avoid going Bankrupt using our bankrutpcy alternatives.
|
