You will probably require expert help if a trustee in bankruptcy makes an application for possession and sale of your home, or an application for transaction at an undervalue or application for preference, if for example the bankrupt has transferred the home or other property or preferred to pay certain creditors. Bankruptcy law requires all creditors to be treated fairly and therefore the bankrupt is to make payment to a creditor he should try to make sure that all creditors are treated equally.
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Saving The Family Home
We have advised hundreds of people on claims brought by trustees
in bankruptcy going after the family home.
Saving The Home FAQ'S
If your spouse or civil partner is declared bankrupt, the trustee in bankruptcy may attempt to sell the family home to pay creditors. However, this process cannot begin immediately; there are legal timeframes that offer some protection.
The trustee is legally prohibited from selling your home within the first 12 months of the bankruptcy order. After this period, they have an additional three years to take action. If they do not make a court application within this three-year timeframe, your home will revert to you legally, securing your ownership.
A “transaction at an undervalue” refers to when a bankrupt person transfers assets for less than their market value, often to avoid creditor claims. Trustees can apply to the court to set aside such transactions, arguing that the bankrupt attempted to avoid paying creditors by transferring assets below fair value.
Yes, we have successfully represented spouses and negotiated with trustees to protect family homes from being sold. Our team can work directly with your trustee in bankruptcy to explore options to safeguard your home, providing vital support during this process.
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