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mitsu8
Junior Member
272 Posts |
 Posted - 31 July 2008 : 23:15:40
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| are all debts gone once you are bankrupt or can people keep chasing you thanks |
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P.C.T.
Junior Member
United Kingdom
173 Posts |
Posted - 31 July 2008 : 23:31:48
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all debts prior to your date of B.R. can be included in your B.R proceedings.
BUT if you incur any further debts after that date they can chase you as a separate issue.
if any one contacts you about a debt after you have been made B.R. you give then the details of the B.R. and Must refer them to your I.P. and tell them to stop further contact.
DO NOT take on further credit if you are thinking of going down the B.R. route..... this can be classed as a criminal offence... fraud !
they will bleed you dry
and still want some more! |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 31 July 2008 : 23:52:52
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I dont think that debts secured on your home go away. You will still have to pay them if you keep your home.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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splonge
Junior Member
171 Posts |
Posted - 01 August 2008 : 13:11:46
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| We will have about £35,000 shortfall on our mortgage, can they chase us for this if we go bankrupt? |
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BankruptC
Senior Member
1030 Posts |
Posted - 01 August 2008 : 13:45:08
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As far as I'm aware, if you hand back the keys to your house and move out, the mortgage shortfall will be included in your bankruptcy, providing you write 'shortfall' in the relevant place on the SoA.
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John
New Member
United Kingdom
73 Posts |
Posted - 03 August 2008 : 11:07:07
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Hi splonge
ians is spot on here.
Provide the OR is aware that there will be a shortfall on the sale of the property then that shortfall becomes unsecured and, as such, is captured within your BR.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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chris.g
Junior Member
United Kingdom
211 Posts |
Posted - 03 August 2008 : 11:39:10
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Our old house has just been sold by the mortgage providers who we also had a secured loan with. I'm a bit concerned that there is a shortfall as we had originally estimated that the house was worth £100k and it was sold for £75,500. We owed £75k on the mortgage and loan, there was also a charge of £5k by RBS on the property.
On our petitions, both mine and hubby, we didn't state that there would be a shortfall as we didn't expect it. Does this mean that we might still be held responsible for any debt or should we contact the RTLU who is now dealing with our br's to make them aware of it? |
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are all debts gone once you are bankrupt ?
