Q16. What will happen to my home?

If you own the home you live in, it will vest in your trustee when you become bankrupt. You cannot sell any property you own.

The trustee will take many things into consideration when deciding what to do with the property including its value, whether you have any loans secured on it and whether there are children or other dependents living in it. 

Your trustee can sell your home or allow your spouse, partner, another family member or a third party to buy out the trustee's interest in it.  If your trustee decides to sell the property, they must attempt to obtain the best price possible.

You will find more informatin in the Debtor's Guide.  Please read it carefully and if necessary ask for further advice from a money adviser before deciding whether or not to make yourself bankrupt. 

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