Deed of Trust

Question: How long can the insolvency hold my case open, relating to my house (I live in the UK)?

I was made bankrupt and I had a joint property with my new husband. My half was all mortgaged and my husband's half had equity from which he had a Deed of Trust to protect what was his. After ten months of the bankruptcy I was discharged, however my case is still opened relating to our flat. How long can they have my case opened for?

Answer: The Trustee in Bankruptcy must abide by the ‘use it or lose it’ provision of the Insolvency Act 1986. Basically, they have three years from obtaining the order to release any beneficial interest (equity). After this time the property must be transferred back to the discharged bankrupt.

However, the Trustee in Bankruptcy can sell his interest in a property to a 3rd party, who is not bound by the same restriction (although this is very unusual).

You’ll need to check with your Trustee as to what the situation is.

http://www.debtadvicefoundation.org/questions/home-in-bankruptcy

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