House Has $30k or More in Equity
So, in Vic, what will happen to their home when they file for bankruptcy? In this case study we can consider the equity as anything above $30,000 so this would be the same scenario as if their equity was $30,000, $100,000, $300,000 or $1,000,000 it doesn’t make any difference the principle is the same.
Surrendering the House to the Bank.
So, Bob and Sue choose to surrender their home to the bank. The very first thing we at Bankruptcy Dandenong would do for them is get them to sign a legal document which resembles a deed of release meaning they have voluntarily surrendered their house. This means the bank does not have to pursue legal action to have them removed from the house.
A Question of Caveats
Bob is a builder in Vic and has really been having a hard time due to the fact that he hurt his back. He owes $150,000 in overdue accounts to a particular hardware store who have actually been really patient with Bob and are aware of his situation.