Bankruptcy And Its Effect Upon Your Home

Bankruptcy And Its Effect Upon Your Home

Should you enter into bankruptcy, whether voluntary or involuntary, a Trustee is appointed to manage your estate and does so by taking charge of your income streams, assets and liabilities.

This will often include the family home should it be in your sole name or joint names with your spouse. In certain circumstances a home that is being disposed of into your spouse’s name recently can be clawed back into the pool of assets.

Should you find yourself in financial difficulties or you are uncertain about your future income stream then perhaps it would be wise to approach your lawyer and accountant early so as to take every possible step to minimise the future risk to your family home.

Michael, Rebecca and Ben are available to assist you should you have any enquiries. Give us a call on 02 6542 5566.