Can I Keep My House?
Bankruptcy is a legal process that may help you if you are unable to pay your debts. The decision to declare bankruptcy is a difficult one and should only be made after carefully considering all of your options.
One of the biggest concerns people have when considering bankruptcy is whether or not they will be able to keep their homes. After all, the home is often the most valuable asset a person has.
The good news is that, in most cases in Australia, you will be able to keep your home when you declare bankruptcy. This is because the family home is exempt from seizure by creditors in bankruptcy.
What Determines if I Can Keep My House?
The main factor that determines if you will be able to keep your home is whether or not you are up to date on your mortgage payments.
If you have secured a home loan and can no longer afford to pay your mortgage and other bills, the amount of equity (the difference between the market value of your home and the amount you owe on your mortgage) in your home may determine whether or not you can keep your home.
If you have very little equity in your home, the trustee may decide to sell your home to pay off your debts. However, if you have a significant amount of equity, the trustee may allow you to keep your home and set up a repayment plan to repay your creditors over time.
How Brisbane Debt Solutions Can Help
At Brisbane Debt Solutions, we understand that the decision to declare bankruptcy is a difficult one. We can help you understand all of your options and figure out the best way to move forward.
If you are considering bankruptcy, contact us today to schedule a free consultation. Our experienced team will help you understand all of your options and figure out the best way to move forward.