All Forums  archive  Forum Questions  I am confused Which is the right answer ?

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Simon.ms[/i] [br]I was declared bankrupt in September 2010. My home has negative equity of £40k and therefore is of no interest to the OR. The mortgage is not in arrears. My lender has indicated no problem with my continued occupancy. I have every intention of trying to eventually pay off the mortgage. I will be discharged in September 2011. My question is - if in say 3 or 4 or even 5 years time it becomes obvious I am flogging a dead horse and the property is never going to get back in positive equity and I, at that future point, had been unable to pay off any amount of any relevance to bring the debt down and reduce the negative equity and I either, a)allow my home to be repossessed or b)voluntarily surrendered the keys back - is the shortfall covered by the bankruptcy that long after discharge? I understand there are 'risks' of liability outside of bankruptcy if I signed a deed of agreement (which I have not and would not do) or I bought the beneficial interest - which I have not done either as there, is none! I thought that as any shortfall would be a provable debt (regardless of any time that had lapsed) and would therefore be covered by the bankruptcy. This is my understanding by researching the internet. However when I asked the person looking after my file at the OR office - I received a reply saying I would be liable for any shortfall once discharged if I had the property repossessed or handed the keys back? I am confused which is the right answer now? Thank you in advance - yours with gratitude. [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.