bankruptcy and my house

bradrock

I declared myself bankrupt in july 2011. I was discharged from bankruptcy in July 2012. I own my own home and am looking to sell the property. How soon can I sell the property as there is a charge from bankruptcy. Does anyone know how long the charge is kept on the property?

alastairq

The Charge remains on hte property until sold.

The Charge is then deducted from the equity left after any first charges are taken.[Mortgage]

If the property has insufficient equity to meet the Charge, I 'think' the Receiver can block the sale until there is sufficient equity...but not sure on that one.

bradrock

So what your saying regardless of time the bankruptcy charge will remain on my property?
I thought after 3 years they could give you your interest back in your property?

alastairq

You mentioned a 'Charge?'

This means,the OR has recognised there is equity in the property...however, for whatever reason, has decided that [in the absence of anyone willing to purchase the OR's interest?]...rather than compelling a sale, has placed a Charge on the property. [I believe this occurs when the OR's share of the equity falls below £10K?]

However, what you refer to, occurs usually if there was no equity in the property at the time of the petition......


So, was there any equity at that time?

bradrock

sorry I didn't make myself clear. No there was no equity in the property.