Your home?

Worried about what could happen to your home if you go bankrupt?

If so, you could be sold the wrong solution for your problems

It’s vital you know the effects of bankruptcy


As there’s so much misinformation about this we’ve prepared a short guide on what you simply must know. Click on this link.

Here are a few snippets for you

  • To you, it’s your home.  To any trustee in bankruptcy, it’s an asset like any other albeit with a few more regulations attaching to it.  He either has a financial interest in it that will bring mopney in to him, or not.  If he has, he’ll pursue it.  If he has no financial interest either because there’s no equity, his share of any equity has already been cashed in, or you only hold a legal rather than beneficial interest, he’ll show no interest in the home
  • If you have any equity in your home please take advice from an insolvency practitioner before you go bankrupt.  If you decide bankruptcy is still the route for you, get some support from him afterwards in your negotiations with the trustee
  • If there’s equity but you’ve remortgaged at some time in the past to put money into your business or pay down your own personal debts, you may already have ‘cashed in’ some or all of your equity.  The point is that if the equity is owned by your non-bankrupt partner, your trustee has no claim to the home.   Click on this link to look at what determines what share of the equity you and your partner have

But, our guides carry a health warning – they can never be a complete picture of everything that could effect the outcome – it’s a complicated area of the law and circumstances and thus outcomes vary.  Just because you know someone who’s lost their home, doesn’t mean you will.  Or vice-versa.  It’s one area where you should never just cross your fingers and hope, you need to know the likely outcome and a routemap for getting there.

If after reading our guides, you feel you’d like some face to face advice, call us on 01902 672323 and we’ll be delighted to help.

If you’ve come here  for guidance having already gone bankrupt and need some help to negotiate with your trustee, we’ve achieved some very reasonable settlements for people in your position over the years.  We can help there too, just call us.