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I own a second property

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Geoff.12
Starting Member

1 Posts

Posted - 07 January 2013 : 17:45:43

I own a second property which has a value of approximately £85000 and has a mortgage of £115000 on it. (due to drop in house prices a few years ago). What woudl happen to this property under bankruptcy please?

thank you,

Geoff

Niobe
Administrator

United Kingdom
4590 Posts

Posted - 07 January 2013 : 19:18:50

Hi and welcome,

I believe this would have to be sold and the shortfall included in the IVA, however I'm not 100% sure so hopefully Viki will be along later to advise.

Viki.W
forum expert

United Kingdom
2211 Posts

Posted - 07 January 2013 : 19:33:59

Hi Geoff,

Are you renting it out? Is it solely or jointly owned?

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp

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