House Has $30k or More in Equity
So, in Victoria, what will happen to their house 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 Mildura would do for them is get them to sign a legal document which resembles a deed of release meaning they have voluntarily surrendered their home.
A Question of Caveats
Bob is a builder in VIC and has really been having a hard time due to the fact that he injured his back. He owes $150,000 in overdue accounts to a particular hardware outlet who have actually been very patient with Bob and understand his situation. However, they are simply not able to wait any more, so to make sure that they get their payment for the account they have placed a caveat over Bob and Sue’s property.