Author Topic: Will you definitely lose your home if you declare bankruptcy?  (Read 5325 times)

DaveUK2019

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  • Posts: 1
Hello Everyone,


I am considering declaring bankruptcy and I have a home I purchased in 2017 with a mortgage, I have been making mortgage payments by renting out the property and I really don't want to lose it as it really is my only asset and my proudest purchase.


Will I lose my home? Has anyone here lost theirs?


Thank You

Moses007

  • Jr. Member
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  • Posts: 14
Re: Will you definitely lose your home if you declare bankruptcy?
« Reply #1 on: Aug 09, 2019, 11:04:01 AM »
Even if you won't lose your home as a part of Bankruptcy, your home may be at risk if you're behind on your mortgage payments. If you go bankrupt, you may end up losing your home.

herbert941

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Re: Will you definitely lose your home if you declare bankruptcy?
« Reply #2 on: Sep 30, 2019, 02:54:54 PM »
Agree...




polly

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Re: Will you definitely lose your home if you declare bankruptcy?
« Reply #3 on: Apr 04, 2020, 10:06:45 PM »
It depends how much equity has built up on the property over the past three years or so.
If you purchased it with a sizeable deposit and there is more than £1,000 in equity, after realistic selling costs of @ 10% of the value of the property have been taken in to account, then there is a likelihood that the property eventually could be at risk.
You do have the option of having a close friend or relative buying the beneficial interest, but usually the receivers will give you this option @ 2 years and 3 months into the bankruptcy.
There is loads of information to be had regarding this on the internet,and from my experience unless you can afford to pay for legal advice, you won't get much help from anywhere else unless you qualify for legal aid, and as you own a property you won't.
Good Luck