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house help urgent please

snowmouse
snowmouse Posts: 29 Forumite
in Bankruptcy & living with it
I own two houses, 1 has no equity, one has a 80k mortgage and is worth 120k. If I live in the 2nd house will the OR let me live there, and will there be any repurcussions? Do I keep title on the house. All help gratefully received.

Comments

  • Bethankim
    Bethankim Posts: 1,030 Forumite
    im not sure, but you will probably have a better chance of keeping one house if you live in the one with no equity, with a potential for £40,000 there is no way the OR will leave it - they have a duty to get as much as they can and with those kind of assets you will have a very hard time persuading them otherwise.
    BR 2nd April 2009
    Feel the fear and do it anyway!
  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Hi and welcome snowmouse. If you live in the second home then the OR will definintely want the first one. As for your home, if you have £40 equity in the property Or will want to realise that too. Do you own the property on your own or with a partner?

    :j :j


  • snowmouse
    snowmouse Posts: 29 Forumite
    On my own, it is solely in my name
  • debtinfo
    debtinfo Posts: 7,012 Forumite
    The trustee will definitaly want to release the equity then, which could mean selling the house at some point.

    If you stay in the one with no equity then the OR would let you buy it back for £1 plus legal costs
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
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