IS IT POSSIBLE TO SAVE YOUR HOME WHILE FILING BANKRUPTCY ?

Question

THERE IS A SEVER LY HANDICAPPED CHILD INVOLVED.

Answer 1

Unfortunately who lives in the house will not be taken into consideration. Once you have declared bankrupt the insolvency agency will count your house as an asset. They will sell it and use any equity to pay off your debtors. If mortgage arrears are included in your bankruptcy then it does work differently, although i'm not sure how.....sorry, but I do know that you still loose the house.

The only way to avoid this is for the deeds and mortgage for the house to be put in someone else's name ie. family member or friend.

Hope things work out for you.

Answer 2

yes and no -- it becomes an asset and will be sold to cover debt!!!