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| T O P I C R E V I E W |
| kate-m |
Posted - 10 March 2009 : 21:19:16
Hello. Our home was repossessed in Nov 2008. It is currently under offer. We have other debts and need to go bankrupt asap. If we go bankrupt soon and the house doesn't get sold for, say, another six months, will the debt be included in the bankruptcy now or not? Help.... |
| 4 L A T E S T R E P L I E S (Newest First) |
| pix1 |
Posted - 11 March 2009 : 13:11:24
Technically, you may not need to put it on the form at all but it is sensible to highlight things. As long as the property was purchased before the bankruptcy order you are covered in law.
N.B. At no stage sign a so called 'Deed of Acknowledgement' that the mortgage company might send you after the property sells. this would be an attempt by them to make you liable for any shortfall.
Its all in this insolvency service link;
(Mortgage Shortfall);
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter33/part6/part_6.htm
http://www.insolvency.gov.uk/faq/faq.htm#16
The problem you will get in the future is in updating the credit file.
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| Melanie.n |
Posted - 11 March 2009 : 08:34:54
Hi there and welcome, like John states you must include the property on the S of A - I usually advise clients to list the mortgage (and any additional secured borrower if appropriate) on the 'secured' creditor page and also on the 'unsecured' creditor page for £1 (as you do not know what the shortfal will be at this stage) you do this on the unsecured page as when the property is sold the 'mortgage' etc becomes an unsecured debt as it is no longer 'secured' on the property. This way the shortfall from the sale is included in the property regardless of the eventual sum
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| frosie90 |
Posted - 10 March 2009 : 22:46:43
Blimey John, do you ever sleep???? Just noticed Kate-M that it is your first post. I am a relative newbie, one month on this site, but you will find so many people to help you. John as above, who has helped me so much on this site and Melanie as well as lots of people who are currently going through problems. Keep posting. I have found that however little a problem or question may be, never be afraid to ask. A problem shared is a problem halved. Good luck. |
| John |
Posted - 10 March 2009 : 22:30:19
Hi
as long as you include the details of your mortgage in section 4 (unsecured debts) within your Statement of Affairs any shortfall between the sale price and the outstanding mortgage will be included in your bankruptcy, however long it takes to sell.
John White
England Jackman & Spacey |
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