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I Am Not Working And Have Equity In My House Will I Lose It In Bankruptcy?
Question:
hi there will i lose my home if i go bankrupt? I have 2 young children aged 2 and 6 and my partner. there is equity in the house but i am not working at the moment.
Answer:
Unfortunately if there is equity in the property the Trustee in your bankruptcy can want it to be paid into the bankruptcy.
The will also question as to how you can afford the property if you are not working?
Depending on the amount of equity and your circumstances the OR/Trustee may allow a friend or family member to buy-out the interest in the property. If you cannot find someone to do this, they can allow you up to 12 months to find suitable accommodations and move.
Thank you for letting me help you.
Jon
If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.
Source: I Am Not Working And Have Equity In My House Will I Lose It In Bankruptcy?
