House Has $30k or More in Equity
Bob and Sue have made the very hard decision to declare bankruptcy, the biggest concern is their family house on which they have a mortgage for $670,000. Their house is valued at $700,000 so they have $30,000 equity in the property.
Surrendering the House to the Bank.
So, Bob and Sue decide to surrender their house to the bank. The very first thing we at Bankruptcy Cassowary Coast 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.me.
A Question of Caveats
Bob is a builder in Qld 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 outlet who have actually been very patient with Bob and are aware of his situation.