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Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.
Do you own it? How much equity is there please?
Its bad news I am afraid.
It is possible that they could sell your home. Generally you have around 12 months before you would have to move out if that happens.
But if the value of equity is only £6000 they may not bother selling it
If there is no equity, you will probably be able to keep it and buy the BI, beneficial interest. If there is significant equity, the Official Receiver is going to want it I'm afraid.
Outside of bankruptcy, repossession is simply a matter for your lender. However, if they repossess outside bankruptcy any shortfall will still be your liability, in theory at least, whereas in bankruptcy the shortfall will be cleared.
Ok - but its got £6000 equity?
Then I would hope that they would not consider it worthwhile, but it is a risk
Please see: http://www.stepchange.org/Debtinformationandadvice/Debtsolutions/Bankruptcy.aspx
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