House Has $30k or More in Equity
So, in Queensland, what will happen to their house when they file for bankruptcy? In this case study we can consider the equity as anything above $30,000 so this would be the same scenario as if their equity was $30,000, $100,000, $300,000 or $1,000,000 it doesn’t make any difference the principle is the same.
Surrendering the House to the Bank.
So, Bob and Sue choose to surrender their home to the bank. The very first thing we at Bankruptcy Experts Mackay would do for them is get them to sign a legal document which is like a deed of release meaning they have voluntarily surrendered their house.
A Question of Caveats
Bob is a builder in Qld and has really been struggling due to the fact that he injured his back. He owes $150,000 in overdue accounts to a particular hardware store who have actually been very patient with Bob and are aware of his situation.
When The House is in Your Partners Name and They Don’t Need to Go Bankrupt.
Bob is seriously considering bankruptcy and feels like he has no choice. He has serious concerns due to the fact that his wife Sue owns the Mackay home that they live in and he is extremely worried about what will happen to that property should he apply for Bankruptcy. In this case study we explore what happens to the property when the house is purely in Sue’s name and Bob’s name is neither on the title nor on the mortgage.