2.7 The family home in bankruptcy

Question 1

What is the minimum equity in a property before the court will allow a charge or repossession and sale?

Answer 1

£1,000

Question 2

By when must the trustee have served notice (of legal position) on the affected parties?

Answer 2

Delivered no later than 14 days before the third anniversary of the bankruptcy order;

 Or 14 days before the third anniversary of when the OR or trustee became aware of the property

Question 3

How long after the bankruptcy will a court assume that the interests of creditors outweigh’s other party interests?

Answer 3

 After a period of one year from the date of appointment of the trustee, the court shall assume that the interests of the bankrupt’s creditors outweigh all other consideration

 Unless there are exceptional circumstances