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Posted: Tue Apr 10, 2012 7:33 am
by mlal
If there is negative or very little equity in a property, will they reposes in the case of bankruptcy ?? and from being declared bankrupt, how long before they force a sale of any property. Can they take furniture/personal items from our home ?
Thanks

Posted: Tue Apr 10, 2012 7:37 am
by lem
I believe these days the OR has 2 years and 3 months from the date of bankruptcy to decide what to do with the property, so if there is no equity now, they may decide to wait to see if the equity situation improves, on top of this, if your mortgage repayments are high in comparison to local rents, they may still seize the property even if in negative equity.

Posted: Tue Apr 10, 2012 7:58 am
by Shining
We have several posters who have been through bankruptcy and are knowledgeable in respect of this and I'm sure will be along very soon. You do have two posts running in respect of bankruptcy so look out for replies on both. x

Posted: Tue Apr 10, 2012 8:07 am
by kallis3
Hi,

Can't add anymore to the above other than to say that personal possessions are safe in BR unless they are valuable antiques. If you have a car that is worth more than about £1500 then you will probably be expected to sell it and then buy a cheaper model.

Bankruptcy fees are currently £700.

Speak to your IP if you have any problems at all.

Posted: Tue Apr 10, 2012 8:09 am
by Broke of London
You can never guarantee your home will be safe in BR and you have quite a high level of equity so it will be a risk. x

Posted: Tue Apr 10, 2012 10:21 am
by MelanieGiles
Just to confirm that the Trustee has up to three years to decide what to do with the property.