Is My House Safe in Bankruptcy?

Bankruptcy & Property

If someone goes bankrupt, then The Trustee in Bankruptcy has three years within which

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they can deal with the bankrupt’s property.

In this example here you can see that the bankruptcy order was made on 05 August 2008, on the 03 May 2011 a Trustee is appointed!

“Dear Sirs

I write to inform you that I was appointed Trustee in bankruptcy of the above estate by the Secretary of State with effect from 03 May 2011. The bankruptcy order was made on 05 August 2008 as a result of a creditor’s petition presented on 25 February 2008. Please find enclosed a copy of my Certificate of Appointment for your records.

Receipts and payments accounts

The Official Receiver has yet to transfer to me the debit balance of the estate.

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Assets

Residential Property

The debtor’s principal assets appear to be saw interest in the property known as……………………………. I am investigating the equity in the property and will report more fully in due course.”

So if you are considering bankruptcy you should always take advice, especially if you do have assets such as property.