How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Max Lowry Your Own Question
Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
Type Your Law Question Here...
Max Lowry is online now

hi i was volintry made bankrupt in january this year the trustee

Customer Question

hi i was volintry made bankrupt in january this year the trustee then said that they valued my house at £50,000 and after paying the mortgage off this would leave aprox £20,000 which is my share of the equity if i could not pay this to the trustees this would force a sale of my house which as i have not got the money they want i had to agree for them to sell the house they have said they will get a home report done then put in on the market and its thier intension to market the property for 9 months then if the offers are not good enough then they will put it to auction but they are telling me now that i should look for alteritive accomadation what i need to know is if i have moved out do i still have to pay the mortgage while they are trying to sell my house even though i have moved out regards kenny.
Submitted: 3 years ago.
Category: Law
Expert:  Max Lowry replied 3 years ago.
Hi, welcome to the site. My name is Max and I will help you with your question. Do you think there will be any surplus after the property has been sold? I.e. How much were you made bankrupt for?
Customer: replied 3 years ago.

i was made bankrupt for aprox 22,000 the house i think will sell for aprox 40,000 then the mortgage company are owed aprox 30,000

Expert:  Max Lowry replied 3 years ago.
Thanks for the information. On the basis of these figures and the fact you have already moved out, it seems very unlikely that any money will come back to you. There does not seem to be any reason why you should continue to pay the mortgage. If the trustee is dealing with the property then this will be his problem. The mortgage company may want to repossess if there is a build up of arrears but it can discuss this directly with your trustee.