House Has $30k or More in Equity
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 Advice Sydney would do for them is get them to sign a legal document which is like a deed of release meaning they have voluntarily surrendered their house. This means the bank does not have to pursue legal action to have them removed from the house.
A Question of Caveats
Bob is a builder in NSW and has really been struggling due to the fact that he injured his back. He owes $150,000 in unpaid accounts to a particular hardware outlet who have been really patient with Bob and understand his situation.