Trustee in Bankruptcy Eviction
If you have previously been made Bankrupt, and the Trustee of the Bankruptcy is now taking possession of your home, then you are in a very different and more difficult position.
From the time you are made Bankrupt, the Trustee cannot apply for possession of your home for a period of 1 year and is unlikely to do so if there is no equity in your home.
Equity In Your Home
If you have equity in your home, however, then they will come after your home in order to pay their fees for having handled your Bankruptcy, if there is anything left, then the original creditors may even be paid out of the proceeds.
Expired Mortgage Term
Similarly, with when a mortgage term expires, the Judge has no real Legal Authority to be able to stop your eviction, there are occasions where evictions have been postponed for very short periods of time, but essentially, the Trustee owns the asset and it is up to them to decide what happens to it.
There are often complications with a marital home whereby only one of the owners was made Bankrupt and the other owner still owns 50% of the equity, however this does not stop the eviction, it simply means that after the property has been put through a forced sale, the Trustee must return half of the Equity released to the second owner of the property, you will still be homeless in the meantime and the property will typically be sold significantly under value.
What Can Be Done?
Time is very much of the essence with Bankruptcy evictions, and every Bankruptcy is even more individual than a mortgage repossession case so we need to discuss the Bankruptcy with you in some detail to make the necessary assessment.
You, therefore, need to call us on 0800 298 0571.