How do you go bankrupt without losing your houses?

[Fluffycloudland77]

A distant relative of DH has gone bankrupt, not an IVA but bankrupt but he has a flat and a house, both mortgaged in his name.

I thought if you went bankrupt they took your properties off you? am I wrong?

If there's no equity there's no point.

They may have put a charge on it or some agreement that if it's sold or gains value then money has to be paid, or something.

here

Equity in both.

In my experience you have to sell your house , but things might be different now

Hmmm curious isnt it?

Well, either they've made some agreement - eg can't sell it or something, or he's somehow hidden them from the receiver, or they have in fact taken them (did you read the link in my other post? that's got some info)

Why are you wondering about it? (Yes, I am that nosy )

Yes I read it. With a nn like Hecate I'm too scared not to.

His exp, and two teenage kids live in it. She is named on the land registry (I'm nosy too). The other property is in his sole name, he has leased it out to someone else though, but he doesnt have the equity to convert to a Buy to let Mortgage so must be breaking his domestic mortgage contract as well.

If it all goes tits then they will be back at my mil's house and then theres no avoiding her.

From what I have read I do not know how he can avoid selling at least one property. I presume when the youngest dc is 16 or 18 he can sell it anyway, his exp doesnt pay the mortgage and he was 3 months in arrears anyway.

When my dp went bankrupt , we had to sell the house even though it was in joint names , I kept half the equity , my dps half went towards paying off his debts

"Yes I read it. With a nn like Hecate I'm too scared not to."

heehee if only I inspired such fear in rl

So you're worried what will happen if they do lose the properties?

We could keep the house for a year before we had to sell

Yes I avoid the exp......I'm not really mean.

I'd rather they stayed in the house.