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I am a homeowener, my question is:
Will I be able to live in my property for 12mths after my bankruptcy date. (I have two children under the ages of 10)If yes will I still pay the mortgage as usual?

Please advise.

Many Thanks

Rachel

Hi Rachel

This is quite a difficult one and could you let us have some more info as to how much equity in the house you have and do you have any income.

The experts will no doubt be able to help!

Under bankruptcy, if you own your house, either solely or jointly, your personal ownership (interest) will pass to the Official Receiver (OR) or Trustee. While this doesn't mean you will be evicted and out on the streets straight away, it does mean that unless you can afford to buy your interest back the house will have to be sold, this will be by court order if you do not agree to do it voluntarily. You will be given one year's grace during which time you can continue to live in your house as long as you continue to pay the mortgage. After that year is over, either you buy back the Official Receiver's interest or the house will have to be sold. Normally your spouse, partner or family member will be able to buy back your interest from the OR.

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Have a read of this ...

http://www.insolvency.gov.uk/guidancele ... e/home.htm





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