HomeProtecting your family home in bankruptcy

Facing bankruptcy can be a stressful time for any family. But It's important to remember that there are options available to you, however bleak the situation might feel. At FWJ, we regularly help people whose home is threatened. We can help you too.

The family home is often the main or only asset in a bankruptcy.

The thought of losing it will be very stressful and the problem may seem insurmountable.  In most cases with some specialist bankruptcy help it can be resolved to suit both the family and the bankruptcy.

Can I save my home?

The answer can often be “yes”.

It may not seem like it but there may be options which would enable you to keep your home and at the very least, you will have some time to take legal advice about those options and to work out what will be best for you and your family.

What are your possible options?

  • Buy back your share of your home from your Trustee in Bankruptcy;
  • Your partner or wife buys your share from your Trustee in Bankruptcy;
  • Remortgage your home to save it and possibly annul your bankruptcy;
  • An Individual Voluntary Arrangement (IVA);
  • Voluntarily sell – you may have been contemplating that anyway;

What can I expect to happen and when?

You will have time to make plans.

  • The Trustee in Bankruptcy has 3 years from the date of your bankruptcy to realise the value in your home. 
  • The Trustee will usually commence that process before then by communicating with the bankrupt and the family to explore ways in which the value might be raised without having to sell.
  • Importantly you will have a minimum of 12 months before the possibility of any court proceedings are commenced to take your home.

So, for example, if a bankrupt’s partner is able to buy the bankrupt’s share in the property but a little time is needed to do that then with some legal help this is likely to be achievable.

Call us today for help

Whatever the nature of your enquiry, one of our team will be able to help. If your enquiry is urgent, contact Partner Sue Brumby direct and she will speak to you today.

We needed expert bankruptcy advice and we definitely found it in the bankruptcy team at FWJ. Sue and Bradley provided us with clear and understandable advice in a situation which was really stressful for us. They were able to resolve matters on very favourable terms for us and we can’t thank them enough.

A client for whom we achieved a successful outcome

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Khalid Opere

Khalid Opere


Tim Francis

Tim Francis


Sue Brumby

Sue Brumby


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