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Hi,

 

I've been reading the forum for most of today and seen some really interesting and useful replies on so many counts that I'm hoping that you guys can give me some advice too.

 

I'm considering bankrutpcy and have no major assets save to say a 1/4 interest in my Mother's home. There's no mortgage on the property and the realised value of my share is approx £50k against a debt of approx £150-175k from a collapsed business.

 

Obviously I wouldn't want to lose my Mother's home from under her feet anyway but she's also in her late 70's, diabetic, has a thyroid disfunction and is in remission from cancer so I feel even worse for dropping this on her.

 

I suppose my questions are what will be done by the OR to realise this asset and how long would she have before it is forced upon her?

 

If anyone has any comments or advice I'd be very grateful.

 

Thanks

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Well with that amount of equity the trustee will want to realise the full amount, They will usualy offer it to family members first, IE if they pay your share then you can keep the property. If no one can come up with the money then they will push for possession and an order of sale. Usually you can persuade the judge to give you up to a year to find alternative accomodation. Sorry its not good news

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