Will they repossess property with no equity in bankruptcy ?

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mlal

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Post by mlal » Tue Apr 10, 2012 7:33 am
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 ?
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lem

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Post by lem » Tue Apr 10, 2012 7:37 am
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.
 
 

Shining

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Post by Shining » Tue Apr 10, 2012 7:58 am
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.
 
 

kallis3

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Post by kallis3 » Tue Apr 10, 2012 8:07 am
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.
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
 
 

Broke of London

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Post by Broke of London » Tue Apr 10, 2012 8:09 am
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
 
 

MelanieGiles

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Post by MelanieGiles » Tue Apr 10, 2012 10:21 am
Just to confirm that the Trustee has up to three years to decide what to do with the property.
Regards, Melanie Giles, Insolvency Practitioner
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