call our free bankruptcy helpline on:
0800 690 6855
Answer: Not everyone who goes bankrupt with property losses the property; there may be no equity in the property, a family member could have been allowed to buy-out any interest or equity, or thy could be selling it now to pay the bankruptcy.
Unless you have all the facts and details of their bankruptcy, you do not knw exactly what occurred. You can always discuss this with the government's insolvency service as well.
Regards,
Jon
If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.
Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.
There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.
For some, bankruptcy is the right option and will put an end to pressure from creditors. Our team of experts are on hand to advise on the best solution to your debt problems - call now on 0800 002 9951.
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