Will I Lose My Home in Bankruptcy?

By on April 25th, 2018

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Will I Lose My Home

Will I Lose My Home in Bankruptcy?

The Fear

What’s the biggest fear about bankruptcy or personal insolvency? Ask anyone who has faced this trial and you will get the same answer: losing your home.

When you look at your debt situation and accept it is unmanageable it is practically certain that ‘Is my home at risk?’ will be at the forefront of your mind. The insolvency service even has a publication on this titled “What will happen to my home?” which is viewable by clicking the following link: https://bit.ly/2Hojehu

If there is equity in your home – Trustees will zero in on the family home as an asset to seize and sell to recuperate funds for the creditors.

The Different Advice Can Make

By getting help from experts you can not only save the family home but save yourself from facing a grueling negotiation alone. It is excusable and all too common to try and ignore the issue – it is a natural action in the face of such a stress – but it is entirely the wrong approach.

The fact is if the right steps are taken your family home can be saved, and Bell & Company can assist.

Key Moment to Consider

The appointment of a Trustee in bankruptcy is a key moment. This is when with the right advice you have a chance to start a negotiation. A Trustee will be a court-appointed official usually an accountant, who can not give you advice in this case.

It’s also crucial to understand the motivation of your Trustee in bankruptcy – the Trustee has a laser focus on recovering assets to sell to cover debt – and to ensure the Trustee fees are paid.

It is very difficult for an individual to carry out these negotiations. You probably lack experience and you’re certainly going to be affected by emotion.

To handle Trustee negotiations, the right move is to bring experts such as Bell & Company who have many hundreds of similar negotiations with Trustees before.

How Bell & Company Can Help

Our experts will first help you establish your exact equity position – the value of mortgages versus the value of the home and other debts. Does anyone else have a share in the home? Even if there is not a direct share, Bell & Company can assist in establishing matrimonial interest. Having your spouse as an equity holder limits the options for the Trustee and insulates a chunk of equity from creditors.

By taking the right steps and thanks to the experience in similar situations, Bell & Company will be able to help you take advantage of the options that are available to you – if only you knew where to look.

Personal insolvency and bankruptcy are highly stressful situations to navigate through. But they do not have to be heart-breaking. With the right help, everything is up for negotiation.

Call Bell & Company today: +442895217373  – it’s a phone call to save your home and start you on the road to recovery.

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