Welcome to the trust deed forum MrsWiggy.

Do you think that any equity has developed in the property since the time that you started the trust deed?

Hi

No there has been very little change since the trust deed started and there is little or no equity.

Thanks

Hi MrsWiggy.

I'm not sure precisely how this will work. Mark, Kevin or Shona may be able to confirm the position when they next visit the forum.

If there is no equity then I don't think that there should be anything for you to worry about in this respect though.

Thank you would be grateful for any other clarification.
One other thing I am a houswife with no income. How will this work?
Previously my husband agree to make contributions for me. he is also bankrupt now and might be best not to now as I undertand i will be discharged quicker. Is it true that my child benefit can not be included in any income expenditure calculation.

Thanks

Hi again.

If you have no earned income it's very hard to imagine that you'll be requested to make a contribution in bankruptcy. All sources of household income would normally be looked at though.

Discharge should happen after a year whether or not you have to pay towards the debts.

However, if it's determined that a payment is affordable that would continue for three years.

Hi mrswiggy

Just to be clear, did you nominate the Trustee on your bankruptcy petition or is the current Trustee acting as Agent to the Accountant in Bankruptcy.

Mark

The trustee petitioned for Bankrupcy as the trust deed failed,

This is so helpul. We were only declared yesterdsy what should happen next?

I think you'll need to wait to hear MrsWiggy. Presumably they have a good understanding of your circumstances already so things shouldn't take too long before you know what (if anything) is expected of you now.