House Has $30k or More in Equity
So, in the Northern Territory, what will happen to their house when they apply 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 decide to surrender their house to the bank. The very first thing we at Bankruptcy Darwin 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.
A Question of Caveats
Bob is a builder in the NT and has really been having a hard time since he injured his back. He owes $150,000 in unpaid accounts to a particular hardware outlet who have been really patient with Bob and are aware of his situation.