House Has $30k or More in Equity
So, in Queensland, 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 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 Experts Gladstone 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 Qld and has really been struggling due to the fact that he hurt 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.