Bankruptcy with a mortgaged house?

National_Debtline

JCS1 wrote: »

If it's the family home the OR has 3 years to deal with the property, but will do nothing for the first year.

Not sure where the under 18/in full time education advice came from.

Hello there,

I agree with this. The official receiver may allow up to twelve months for alternative accommodation to be found. Once the twelve months is up, the creditors' interests in the bankruptcy would take precedence and are presumed to be paramount unless there are highly exceptional circumstances.

The rules are far stricter than those for an order for sale of a charging order where the interests in a minor in a jointly owned family home will outweigh those of the charge holder until they turn 18.

Best wishes,

David @ National Debtline.

Rrushi_Shqiptar

National_Debtline wrote: »

Hello there,

I agree with this. The official receiver may allow up to twelve months for alternative accommodation to be found. Once the twelve months is up, the creditors' interests in the bankruptcy would take precedence and are presumed to be paramount unless there are highly exceptional circumstances.

The rules are far stricter than those for an order for sale of a charging order where the interests in a minor in a jointly owned family home will outweigh those of the charge holder until they turn 18.

Best wishes,

David @ National Debtline.

This was the advice from solicitors dealing with this type of situation on a daily basis. Unfortunately the Insolvency practitioner was instructed 3 weeks before the 3 yrs were up. Do not expect the OR to deal with things correctly or promptly, they can and do make mistakes which can be costly. Be prepared .

I am talking from experience.