bankruptcy

[lucian123]

i would like to know if i have been made bankrupt do the liquidators have to sell your property to pay the creditors even if there is enough equity in the property to cover ur creditors, i have �20K creditirs and i have �80K equity does the liguidatotrs have to sell my house cant they remortgage, i havnet reached that stage because i am trying to get the bankruptcy oder anulled because i didnot incur the debt
it was a council tax bill which was to be paid by a past tenant for my proeprty, so i am trying to prove it was not myself who was the resident at the tiem with the tenancy agreement
the court ruled in my absence and i think the creditors laywers never declared the true sitaution , any ideas out there or advice ?

[bednobs]

20k for a council tax debt?????
Why dont you remortgage, release the equity an pay it off?

[lucian123]

the tax debt is only �2K but if they do not over turn reverse the decison then i will have other creditors to the sum of 20K , I CANT REMORTGAE NOW BECAUSE THEY HAVE JUDGED ME BANKRUPT AS OF THE 6 OF NOVEMBER , I AM CURRENT LY AWAITING A HERAING TO PRESENMT MY SIDE OF THE CASE WITH THE NEXT 7 DAYS , TO TRY AND ANULL THE JUSGEMENT , I HOPE THIS MAKES SENSE

[buildersmate]

Suggest you get down to the Citizens Advice Bureau first thing in the morning.

[shomer42]

If you are bankrupt then they will not automatically sell your home. Someone will be appointed your trustee and will seek to sell your equity to your wife or a friend etc. They will ask you if you know anyone.

You can annul the bankruptcy by re-mortgaging in bankruptcy and giving the money to a trustee. there are mortgage companies who will do this but it is very expensive, and you would have to sell your equity to your wife etc, but it means you keep your home!

In the circumstances before trustee's costs get out of hand I recommend you invest in a good insolvency lawyer.