help regarding bankruptcy

honeybloom1

we currently own a 25% share in a house owned by a housing association,we also own our own business which is not doing well which means after xmas our business will have to close,I think we may be taken to court by the landlord of the business as we signed a contract with them for 4 years and have only been trading 1,also we may be facing bankruptcy,we have 2 children and have been offered a 3 bed house from another housing association to rent,I really want to take this house as its so cramped where we are,I understand I may have to keep 2 houses going but what would happen to the 25% share house,it has not gone up in value if only down,can it still be reclaimed,am so confused can anyone help

shinyhead

You need to post again on the bankruptcy sub forum about this but if it helps I understand that you could be able to keep the house you're in if your interest in it has little or no value or even negative value. You effectively buy it back from the OR for something like £1 plus about £250 legal costs.

Losing a house when going bankrupt is not automatic-as with the conditions above it is possible to keep a house.