House Has $30k or More in Equity
So, in New South Wales, what will happen to their home when they declare 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 Experts Port Macquarie would do for them is get them to sign a legal document which is like a deed of release meaning they have voluntarily surrendered their house.
A Question of Caveats
Bob is a builder in NSW and has really been struggling since he injured his back. He owes $150,000 in overdue accounts to a particular hardware store who have been very patient with Bob and are aware of his situation.