Will bankruptcy take my children home?

Asked By: Lia Ward
Date created: Wed, Feb 17, 2021 2:01 PM
Best answers
Answered By: Herta Williamson
Date created: Sat, Feb 20, 2021 7:04 PM
Will the Bankruptcy Trustee Take My Child’s Things? Your under-aged children have no possessions of their own. With a few exceptions, you are considered the owner of the child’s possessions. As a result, the bankruptcy trustee is legally able to take your child's things, but it is very unlikely. Baseball bats, dolls, toys, and children's clothes have no resale value.
Answered By: Royal Pollich
Date created: Sun, Feb 21, 2021 6:56 PM
How Will Filing Bankruptcy Affect My Children? Your Child's Property. Property in your household is considered yours. For instance, your child's bedroom furniture,... Your Childrens' Bank Accounts. Money held in trust for your child is not property of the bankruptcy estate. For... Child Support ...
Answered By: Amalia Stark
Date created: Tue, Feb 23, 2021 9:55 PM
If you have £100k of equity in your property then yes it is certainly at risk if you go bankrupt. This is the case even though it is in joint names and you have 5 kids. The Trustee in Bankruptcy will still have to release your share of the equity by forced sale if necessary.
Answered By: Moshe Tremblay
Date created: Thu, Feb 25, 2021 11:11 AM
The court may decide that there are some exceptional circumstances which mean you can keep your home or at least delay its sale. These might include: you have a disabled child and the house has been adapted for their needs; you're over 70. If you think this might apply to you, you should ask your partner to speak to the bankruptcy trustee about this.
Answered By: Ashton Medhurst
Date created: Fri, Feb 26, 2021 3:33 AM
It would be unusual for a Chapter 7 bankruptcy trustee to come to your home to collect property personally—especially without arranging it with you beforehand. However, the trustee might schedule a time to inspect or inventory your possessions and home.
Answered By: Jana Homenick
Date created: Fri, Feb 26, 2021 12:47 PM
There’s a 3-year time limit for selling the family home from the date of the bankruptcy order. If your beneficial interest is less than £1,000 at the end of this period no action will be taken ...
Answered By: Sheridan Tremblay
Date created: Mon, Mar 1, 2021 11:18 AM
If you rent your home, it's unlikely you'll lose it by going bankrupt. However, there are certain situations where your home may be at risk, including: if the property is included in the bankruptcy estate - although this won't apply to most regulated, secure and assured tenancies. It would generally only be an issue if you benefited financially in some way from your tenancy agreement
Answered By: Larry Schaden
Date created: Wed, Mar 3, 2021 6:45 PM
Getting a decent and early dividend in the bankruptcy may make it just possible for you and your family not to lose everything YOU have in bankruptcy, and the only way to get a dividend will involve selling the bankrupt’s home, regardless of the loss to the bankrupt’s family.
Answered By: Ryann O'Hara
Date created: Sat, Mar 6, 2021 4:34 AM
when your family are living with you, you are usually given 12 months before the sale to give time to make other living arrangements. if you have children or a disability, having your house sold by the OR will usually mean that your local council will be obliged to re-house you when you are made homeless.
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