Fast Debt Help | Bankruptcy Case Study To Save The Family Home

Blog Home > Bankruptcy > Bankruptcy Case Study To Save The Family Home

Bankruptcy Case Study To Save The Family Home

11/8/2017 1:58:01 PM Bankruptcy 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.

bankruptcy case study family home
Share this Post:

Related Posts:

Blog Single

Business Failed But Kept The Family Home

Jane* was in trouble with her business which she ran as a company. Business this year had not gone well with several large accounts not paying bills and leaving a large hole in her cash flow. She had rent...
Blog Single

Bankruptcy Case Study: Can Bobby Keep Her Home?

Bobby's*  Debts had accumulated after a string of unfortunate events put her a long way behind financially. Bobby had a relationship break up several years ago and was left with a lot of Debt....
Blog Single

Bankruptcy Case Study: On a Single Aged Pension

Joe* had not long retired. He formerly worked in a physical Job but could no longer do that. Joe is now on the single aged pension which is quite tight. He does not own any property and only has a...

Newest Blogs

Dealing With Debt Collectors

Courtesy of ASIC Australia’s regulating body for Business via their read more

7/12/2019 2:51:17 PM

Debt Management

Protecting the Family Home When Debt Becomes Uncontrollable

Protecting the family Home when Debt becomes uncontrollable.

Negotiating Debt when you ... read more

11/19/2018 5:00:40 PM

Home Loans

Informal Arrangements

What is an Informal Arrangement?

Basically speaking, it is an agreement between you a ... read more

3/20/2018 2:02:42 PM

Debt Solutions

Debt Agreement

Debt Agreements (also known as Part IX Debt Agreements) is a debt solution suitable for many peop ... read more

3/20/2018 10:33:44 AM

Debt Solutions

Case Study: When Heart Problems Lead to Tax Problems

The Situation

John had a small business as a truck driver and courier. ... read more

11/8/2017 2:35:14 PM

Debt Agreements

FREE Phone Advice

FREE Phone Advice

Fast Debt Help

Our other sites -
Money Buckets
Starlight Home Loans


1800 825 010

[email protected]

PO Box 6100, Kincumber, NSW, 2251

Our Credentials

© Copyright 2019 Fast Debt Help - All rights reserved.

NEW SOUTH WALES | Sydney, Central Coast, Newcastle, Wollongong