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 Clare Your Own Question
Clare, Solicitor
Category: Law
Satisfied Customers: 35051
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Type Your Law Question Here...
Clare is online now

There and the question is....My Wife and I were made

This answer was rated:

Hi there and the question is....
My Wife and I were made Bankrupt on the 2nd June 2015 and we are in the process of negotiating a settlement rather than lose the house but we fear our offer may not be acceptable to the Trustee so we may have to accept that we will lose the house at some stage but we do have an 11 year old Son so for what I can see we are entitled to some form of sabbatical to allow us to rehouse etc? I have read that we are allowed 12 Months but the guidelines are a little confusing and if there is a definitive answer then great as some say you are allowed 12 Months from the date of bankruptcy and some say 12/18 Months form the date you agree that you are going to look to re-house?
I have dealt with Max Lowry before if that helps....
Many thanks Andrew Warman
HiThank you for your questionMy name is ***** ***** I shall do my best to help youYou do indeed have until June next year before the Trustee in Bankruptcy can apply for an Order for the sale of the propertyThis allows you time to see if any family member might be willing to purchase the equity form the Trustee in Bankruptcy.Please ask if you need further details
Customer: replied 2 years ago.
Thank you Clare and if it were to get to that stage can I assume that even if that make an application, for it to be granted, it could take some time etc and if so do you know, roughly speaking how long I can keep them at bay so to speak?Many thanksAndrew
It will not be long after the 12 months deadline has passed - think maybe two months at most
Customer: replied 2 years ago.
Thanks Clare and that is most helpful but as we have a Son aged 11 are we not allowed 12 Months to find a home once the Trustee gets to the point where they decide to take the home, which they haven't as yet as we are still trying to raise the funds to buy the equity back? Reason being, if this goes into January and they decide not to agree to the equity offer there is only 5 Months to June which I'm hoping a court would view is not sufficient time to find a suitable property? Thank you Andrew
I am sorry but no - your deadline started in June and no extra time is given because you have a child.
Clare and other Law Specialists are ready to help you