Delay Repossession ?

CORNWALL

Hi
Can we delay repossession until June 2016.
June 2015 is the last month of the first 12 months of Bankruptcy.
We were hoping to stay in our house until June 2016 which is when the interest-only mortgage term ends and we would have had to repay the mortgage capital. We can't because we are now bankrupt.
The Bankruptcy Trustee has written to say that after July 2015 they can apply to court to repossess.
We were hoping to stay here until June 2016 and then find rented accommodation.
Is there any way we can ask for repossession to be delayed until June 2016 ?
Would be very grateful for comments. Thank you.
Dorothy

debt_doctor

Hi,
The law says that 1 year after bankruptcy the needs of the creditors outweigh the needs of the bankrupt and their family - hence the letter from the trustee.
Unless you have an extremely good reason, the courts will side with his rule.
Perhaps if you informed the trustee that you will fully cooperate with the sale (when purchasers come round etc) then an occupied home often brings a higher price, but sadly the IP is in charge.
Another thought was why not rent now? Is there a particular reason for that?
DD