Australia's #1 for Law

Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!

NSW How will Declaring Bankruptcy Affect Life Estate?

Discussion in 'Debt and Bankruptcy Law Forum' started by scooby doo, 5 August 2016.

  1. scooby doo

    scooby doo Member

    Joined:
    5 August 2016
    Messages:
    1
    Likes Received:
    0
    Hi

    I have been left a life estate. I have the right to be the tenant and to rent out the property as long as I pay the insurance and maintain it. Also, I have the option to give up my life tenancy at any time in exchange for $100k.

    How would me declaring bankruptcy affect this?

    Thanks
     
  2. Sophea

    Sophea Guest

    It will depend on the terms of the life estate for a start, but I believe the trustee may be able to use it as an asset to generate funds for the bankruptcy
     
Loading...

Share This Page

Loading...
gt;