Bankruptcy and houses

If you client is buying their home and have a mortgage the equity in the home will vest with a Trustee. Depending on circumstances there may be options to get that equity back and in turn keep the home. Seek advice before going bankrupt. Call us today and we will explain how it is likely to work based on the circumstances.

If the home is owned with no mortgage and  bankruptcy occurs, the home will vest with a Trustee. This means that the Trustee will sell the home so that the creditors can be paid.

If the bankrupt is renting their home and wants to continue renting it bankruptcy will not affect the situation as long as the rent payments can be made.