Will I Lose My Home In Bankruptcy ?

Extracts From The Myvesta UK Forum:

Question: Will I Lose My House In Bankruptcy

Hi, I am considering bankruptcy, but have conflicting advice regarding my home. I notice on a lot of the advice sites on here, it says you will have to sell your home, and will be bankrupt for 2 years. As I couldn't find an answer, I phoned the official receivers office and he said, they are not in the business of making people homeless, and I would be bankrupt for a year as they understand some people have got into difficulties but should I go bankrupt again that would be a different story second time around.I also asked about my car which is a K reg cavalier and he said why would he take that when I needed to get to and from work.

Can you please advise me, did I get an exceptionally nice official receiver or has some of the information on these sites not been updated as he said it was new law from April 2004.

Thanks

Answer:

Hi there,
I think the advice given to you by the Official Receiver is sound basically. If there is very little or no equity in the house then there is no benefit in the OR looking to sell the property (legally there needs to be more than £1000 in equity value to obtain a repossession order anyhow)

Equally with your car, if it is of low value and you need it to get to and from work etc then it also makes no sense to force sale of the vehicle.

Can I Keep My Car If I Go Bankrupt?


Hope this helps!
_________________
Kind regards

Sean

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