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
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.
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
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk