Your estate (your home and any other assets of value) will be handed over to a court appointed Trustee who is obliged to realise your estate (sell it) in order to give the proceeds to your creditors. However, it may be possible to have the property valued - the secured lending deducted and have a third party settle the equity position over a period that is acceptable to all parties.
During the period any earnings over a certain limit (subject to essential obligations to the family budget) will also be handed over to your Trustee.
Once your estate has been realised (along with any extra earnings as noted above) and your creditors have been partially compensated your Trustee will apply to be discharged. This will only occur, however, if you have complied with your obligations during the period of sequestration.
