My wife and I declared bankruptcy in August 2012 and were discharged after 12 months. We are no longer required to pay in IPA. We have recently decided to end our relationship, meaning one of us will leave the property. At the time of BR, we had negative equity so we were able to remain in the property and decided not to purchase the BI. If we were both to leave the property now, would we still be liable for any shortfall? or would it be cleared under the BR?
As far as I am aware you will be liable for any shortfall as this has happened since BR discharge.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
The shortfall will be included in your bankruptcy IF you haven't signed for any new mortgage, mortgage deal, package or acknowledgement of the shortfall after your bankruptcy.
If you've never signed anything after your bankruptcy, then regardless of when it's repossessed, the shortfall will be included in your bankruptcy.
Apologies for that - I thought it wouldn't be included as they have been discharged.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
After discharge from bankruptcy we are splitting up. Would we be liable for any shortfall ?
Posted - 18 May 2014 : 14:27:01
