House Has $30k or More in Equity
Surrendering the House to the Bank.
So, Bob and Sue decide to surrender their house to the bank. The very first thing we at Bankruptcy Experts Wagga Wagga would do for them is get them to sign a legal document which resembles a deed of release meaning they have voluntarily surrendered their house.
A Question of Caveats
Bob is a builder in NSW and has really been having a hard time due to the fact that he hurt his back. He owes $150,000 in unpaid accounts to a particular hardware outlet who have actually been really patient with Bob and are aware of his situation.
When The House is in Your Partners Name and They Don’t Need to Go Bankrupt.
Why Would You Go Bankrupt If You Had Equity In Your House?
But I Have Mortgage Insurance?
I Have Heard My Property Can Be Tied Up for Eight Years or More When I Go Bankrupt?
What If I Decide to Hand the House Back to the Bank When I Go Bankrupt, How Long Do I Have Before I Am Required to Leave?
I Bought a House With Compensation Money, Is That Money Safe If I Go Bankrupt?
Bob and Sue have been living in their family home for many years. About five years ago Bob had a major accident at work, he got a large compensation payout from his employer which he put into the house mortgage. The question is, if Bob decides to apply for bankruptcy is that compensation money safe or will he lose it?