Bankruptcy Case Study: To Save the Family Home

Stephen's* Debts had become so high he had no option but to declare bankruptcy. His business had gone to a totally unrecoverable stage and offering a payment plan was not an option. Stephen was just worried about finding a job with enough income to manage living costs. He had found something with moderate income and was joint owner of the family home with his wife Mary. The family home was worth $520,000 and they owed $500,000 on the mortgage. Fast Debt Help prepared Stephens Bankruptcy.

Upon Bankruptcy Stephen’s interest in the property now belongs to the Trustee of the Bankrupt Estate.

After Bankruptcy, once the Trustee had confirmed the abovementioned figures he agreed to sell the Bankrupt Estate of Stephen’s interest in the house to Mary for $10,000.

Mary now owned the whole of the house and only had to keep repaying the mortgage thus saving the house from all creditors.

* All Case studies are based on experience with actual cases. Names and some circumstances changed to protect the individuals privacy.

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