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QLD Son Declaring Bankruptcy - But I'm Guarantor of His House?

Discussion in 'Debt and Bankruptcy Law Forum' started by Roy, 19 March 2015.

  1. Roy

    Roy Member

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    We are the guarantors on my son's house. He has decided he will be declaring bankruptcy. What will happen to our home??
     
  2. Ivy

    Ivy Well-Known Member

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    Hi Roy,

    Do you have a copy of your son's mortgage and the guarantor agreement that you signed with the bank? Have you read it to see if it says anything about what happens in the event of a bankruptcy?

    Additionally has the bank repossessed your son's home, or will they repossess his home? Because if the bank can recover the debt through the sale of the house and/or other assets then they may not try to come after you.
     
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