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Bankruptcy & Houses

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Did you know that in bankruptcy it is sometimes possible to save your house?

Section One

Hi, my name is Fred Appleton. I’m a former Chartered Accountant.

A number of years ago I went into bankruptcy myself and I’ve never looked back.

Today I help people from all over Australia find a solution to their debt problems through the bankruptcy system.

We speak to dozens of people every year who need to look at going into bankruptcy where they own or jointly own a family home.

The advice we often give is that in bankruptcy it is sometime possible to keep your house.

In fact if you have a large amount of unsecured debt, like ATO debt, credit cards, or guarantees left over from a failed business, then going into bankruptcy now might be the only way to keep your house (and your sanity).

If you go into bankruptcy then a Bankruptcy Trustee will be appointed.

In some cases, as part of your bankruptcy it is possible for your partner, family member or even a friend to reach a settlement with your Bankruptcy Trustee which results in your house being saved.

Quite often we suggest people have a conversation with Alan Nicholls.

Alan is a Trustee in Bankruptcy and is the principal of Nicholls & Co, Chartered Accountants. For many years Alan has specialised in situations where a family house is part of a bankruptcy.

From my own experience and from the thousands of people I have helped over many, many years, what I know for sure is bankruptcy is not the so-called ‘last resort’ that everyone seems to say it is.

Instead it can be the positive first step that you can take to deal with a difficult or impossible situation.

I’m so often told that problem debt has been caused by a business failure, a period of ill health or relationship breakdown. These things happen, it shouldn’t mean it is the end of the world.

Take time to read about Pete and Jill’s situation on the next few pages. Whilst it is not the only type of Bankruptcy and House situation it is probably the most typical.

And if you would like to have an obligation free chat then give us a call on 1300 794 492 or send an email to hello@fredappleton.com.au, that’s usually the hardest part.

 

Continue : Pete and Jill