House Has $30k or More in Equity
So, in Queensland, what will happen to their house 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 does not make any difference the principle is the same.
Surrendering the House to the Bank.
So, Bob and Sue choose to surrender their house to the bank. The very first thing we at Bankruptcy Bundaberg 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 Qld and has really been having a hard time since he hurt his back. He owes $150,000 in overdue accounts to a particular hardware outlet who have been very patient with Bob and understand his situation. However, they are simply not able to wait anymore, so to make certain that they get their payment for the account they have placed a caveat over Bob and Sue’s property.