if going bankrupt, will I lose the property?

[afact]

I have no equity left on my property due to secured loans on it. If I decide to go bankrupt, will I lose the property?

[MelanieGiles]

Hi afact

If you have no equity in the property it is unlikely that you will lose it under bankruptcy proceedings, but you will need someone to purchase whatever interest you have in the property for a nominal sum - usually £1 plus legal costs.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

As the property has no equity it is not really in the courts interest to sell the house. This will meant that you will likely be able to purchase the title to the property back for a nominal fee (plus potential solicitor costs).

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Welcome to the Forum afact!

If your house has no equity in it, then it is unlikely that the court will want it sold as there is nothing to gain from this. Do you have someone that can purchase the title of the property back?

Best Regards. IVA Experts

[afact]

If I decided to go bankrupt, what happens to the secured loans/creditors on my portion of equity on the house? My partner and I own the house but she cannot go bankrupt because of her job.

Also, how does the securing the loan on our house work? ie My partner and I own the house together, we are not married. All the debts secured on the property are for me only they total approximately 39,000, the equity we jointly have on the property is about £35,000. how will this work, will the creditors be entitled to my partners half of the equity as well approx. £17,500? Please explain.