If I am made bankrupt can I stay in my home ?

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jaynea

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Post by jaynea » Fri Jan 30, 2009 5:54 am
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If I am made bankrupt can I stay in home if I have negative equity. I have been told by a person whom been made bankrupt I can if I have children
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MelanieGiles

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Post by MelanieGiles » Fri Jan 30, 2009 8:34 am
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Hi there and welcome to the forum

If you have negative equity there is no asset available to the Trustee, who will probably agree to transfer your beneficial interest in the property to a friend or family member for the notional sum of £1 plus costs - which are approximately £200.
Regards, Melanie Giles, Insolvency Practitioner
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