Going bankrupt after selling house

[Flavio]

After selling our house and now renting... wife is going bankrupt or trust deed.

 

After reading lots of information, I only have one question...

 

Can a trust deed or bankruptcy ask for the equity after the sell of a house?

 

Hope someone can help

Thanks

Flavio

[moneytootighttomention]

I think it should be okay as long as she has no savings in her name. Hopefully someone more knowledgable than me should be able to offer you some advice though.

[Flavio]

thanks for your reply.

 

I am guessing the same, but I am hoping that someone would tell me for sure.

 

thanks again

[sequenci]

What happened to the money and was the property sold for its market value?

[Flavio]

thanks for your interest.

 

the house was sold for the market value. The money, which was not that much, we used to pay family and friends that helped us in very hard times.

 

At least if we get desperate again we can ask friends and family to help...

 

Thanks again

Flavio

[sequenci]

Thanks for that.

 

What you should have done is divided the money amongst ALL creditors on an equitible basis. It is possible that the trustee would ask you to enter into a Bankruptcy Restriction, which may prolong the time you are sanctioned under the order.

[Flavio]

thank you again for your help.

 

the bankruptcy come after the money was already gone. In fact we are going through right now.

 

I can see your points, but in a selfish and safegard way, we decided to pay our family and friends because with 2 small children and finances all over the place, if we are really struggle again, we could always ask for help.

 

thanks again

Flavio