When you become bankrupt, your trustee becomes the owner of your share of any house or property that you own.This means your trustee now has control over the property and can sell it to help pay your debts.There is important information below to help you understand how this may impact you. We encourage you to seek financial advice for further understanding.Property may include your:
- Farm or Business premises.
Your trustee determines how to deal with the property. They may investigate:
- The value of the house
- How much you owe to creditors
- What the creditors intentions are with the property
- The number of co-owners and their intentions.
Talk to us about how you can keep your home and the circumstances surround such events, as all cases are different the answer of keeping your home may not be simple and the Trustee will have an interest in your situation.