if i was to go bankrupt

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jamesr

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Post by jamesr » Mon Oct 01, 2007 12:42 pm
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if i was to go bankrupt and there was no equity in my house would i lose my house
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andymac

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Post by andymac » Mon Oct 01, 2007 1:21 pm
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I think the answer is no. But if the house went up in value between now and 3 years, you might have to remortgage it to release the equity, but I am not 100% sure.

One of the experts on this site can help you.
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Oliver

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Post by Oliver » Mon Oct 01, 2007 2:42 pm
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It is likely that you would be able to buy back the title to the house from the court for a nominal fee (possibly as little as £1 plus legal costs).

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Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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Oliver
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BrassicLintus

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Post by BrassicLintus » Mon Oct 01, 2007 2:58 pm
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If you have negative equity in your home it is unlikely that the OR will be interested in it. As soon as you go BR the OR actually "owns" your house, but you can get a friend to buy back the beneficial interest for £1 plus you have to pay the solicitors fees (which are currently around £220). If there is equity in it, then again you have the option to get a friend to come up with this equity in order for you to keep it. If however it is not possible for anyone to make either offer the BI in the property will remain with the OR for 3 years from the date of BR, ie - they can keep it for up to 3 years before deciding what to do with it. Hope this helps.
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