FAQs | Bankruptcy and Your House
If you have any outstanding rates and body corporate fees owing on your property, they will be paid at settlement when the property is sold.
If you wish to remain living at the property and the co-owner buy the equitable interest of the bankrupt estate in the property, the outstanding rates, and body corporate fees will need to be paid. If the outstanding rates are not paid, the Council can recover the rates by selling the property.
When the property is sold, the outstanding rates and body corporate fees will be paid prior to the mortgage debt.
Nicholls & Co have a complementary ‘help desk’ to answer your questions on bankruptcy. Call Nicholls & Co on 1300 060 122 or email email@example.com.