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 Does declaration of bankruptcy discharge all debts
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Joanna.je
Starting Member



1 Posts

Posted - 14 March 2011 :  21:15:58  Show Profile  Visit Joanna.je's Homepage  Reply with Quote
Does a declaration of bankruptcy discharge all debts, ie. a loan? Also, I have a property on which there is £3,500 yet to pay before completion of the mortgage .... will I be expected to sell my house to realise the asset value for the creditors?

debtinfo
forum expert



2826 Posts

Posted - 14 March 2011 :  21:24:10  Show Profile  Reply with Quote
it does discharge most debts but there are exceptions, what types of debts do you have and i can teel you what would or would not be included.

On the house, what is it worth and how many debts are secured on it (with values)
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Richard P
Senior Member



United Kingdom
1701 Posts

Posted - 15 March 2011 :  08:34:40  Show Profile  Reply with Quote
joanna

if you have a house with lots of equity, please can i suggest getting expert advice. (column to left) The experts can give cross board advice on all options available

Bankruptcy may not be the best advice

Richard
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Niobe
Administrator



United Kingdom
4590 Posts

Posted - 15 March 2011 :  09:02:43  Show Profile  Reply with Quote
I agree with Richard - if you have a lot of equity you stand a chance of losing the house.

Do take some advice.

How much do you owe in unsecured debts?

Double, double toil and trouble;
Fire burn, and cauldron bubble.

Jan
xx
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