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Bankruptcy scenario.

  • 01-03-2016 5:04pm
    #1
    Registered Users, Registered Users 2 Posts: 2


    Hello. I have done lots of research but cannot seem to pin this one down. Its an interesting situation but is not actually happening. As its not real, it is a genuine what-if case.

    Its something my friend is wondering about. A married man, with a standard 3 bed, terraced house may end up having to file for bankruptcy. His only asset is the family home, which is co-owned with his wife. Its a basic house, nothing fancy, but is in negative equity to the tune of 90k.

    As the funding bank has first charge on the house, in general opinions, would a bankruptcy process effect the family home?

    Thank you.


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