Your main residence or ‘marital home’ is treated differently from 2nd or 3rd homes (Buy to Let properties) in bankruptcy. For example, if there is no equity in the main residence, you will invariably keep it in bankruptcy whereas control of a 2nd or 3rd property is lost and rental income attached. This means the secondary properties usually end up being repossessed. It’s more complicated if there is equity in the main residence, but you will be given options to ‘buy the Receiver’s / Trustee’s interest’ in the property. Whatever the case, you will not be summarily expelled from the property and will be given time to resolve the issues.
Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.