Key Post The Family Home in Bankruptcy

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  1. Bank seek possession through courts?
I presume that they do have to. Although a friend of mine was in the Circuit Court during the week, where the bank applied for the possession of a house and the former owner, a bankrupt showed up, and the judge asked why the case had come before him. He gave the order anyway.

  1. Bank capitalises arrears and give me a new mortgage contract including arrears and remaining amount?
They could I suppose but you could refuse it.
  1. Bank write off NE and give me a mortgage contract relative to what they would achieve by selling their security?
Again, they could offer you this deal as well.
  1. The mortgage debt and contract some how stay outside the whole process so I leave bankruptcy with a 300k+ debt on a 120k house and bank are happy to get full repayments plus an amount to reduce arrears?
Your debts are wiped out on bankruptcy. You will not leave bankruptcy with a €300k debt unless you choose to do so.
 
Brendan Burgess said:
Although a friend of mine was in the Circuit Court during the week, where the bank applied for the possession of a house and the former owner, a bankrupt showed up, and the judge asked why the case had come before him. He gave the order anyway.
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It will interesting to see how the whole process plays out, pity I'm not an innocent bystander! I shall update as it goes along.
 
Both myself and wife are bankrupt. recieved communication stating that no action would be taken on the house for a minimum of 3 months (i think by land registry? not the OA anyway). I am curious as to how and when they will require us to exit the property. No one has mentioned the house yet. Our statutory sitting takes place next month and I am presuming that someone from the OA office will eventually talk to us about something other than the Payment order at some stage. I did see the excerpt from the OA at the top of this thread stating that he would make no move before 6 months has passed. We are happy to exit the house, timing is the issue though (two people in the house in an exam year, so minimum disruption to their studies is important before exams) will that be taken into account?
 
Stuboy said:
Both myself and wife are bankrupt. recieved communication stating that no action would be taken on the house for a minimum of 3 months (i think by land registry? not the OA anyway). I am curious as to how and when they will require us to exit the property. No one has mentioned the house yet. Our statutory sitting takes place next month and I am presuming that someone from the OA office will eventually talk to us about something other than the Payment order at some stage. I did see the excerpt from the OA at the top of this thread stating that he would make no move before 6 months has passed. We are happy to exit the house, timing is the issue though (two people in the house in an exam year, so minimum disruption to their studies is important before exams) will that be taken into account?
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Hi Stuboy,
I noticed you said you and your wife have gone bankrupt ?
I am a full time 4th year student and I am currently writing a dissertation on bankruptcy.
I am wondering would you have the time or the availability to answer just a few short questions regarding the whole aspect of it.?
I would be extremely grateful as you would be helping very much.
Thank you.
 
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