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hanlou
New Member
United Kingdom
56 Posts |
 Posted - 28 November 2008 : 21:14:47
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| sorry another question now moving out of our home and into rented house. the keys will be handed back to mortgage company also the secured loan which became a legal mortgage overnight, due to money being secured to our house from my husbands ltd company going bankrupt can i ask will the shortfall on mortgage and the secured loan all be in the bankruptcy or will we be chased for the money in years to come many thanks |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 28 November 2008 : 22:05:36
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Hi
it is important to list whatever shortfall for secured loans in the UNSECURED section of the statement of affairs.
this way you can be sure that any mortgage not covered by the sale of the property - and therefore becoming unsecured debt - will be included in the Br.
Incidentally I have a client who has just received a letter from a creditor advising them that going Br has breached their terms and conditions and that they will pursue her as soon as she is discharged.
I am really looking forward to getting the letter because I will pursue them before I pass it to the OR to get grumpy with.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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pix1
Average Member
689 Posts |
Posted - 29 November 2008 : 12:58:26
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hanlou,
any mortgage shortfall arrears resulting from a sale of a property which was purchased before the bankruptcy order will be included in your bankruptcy. the section for unsecured creditors on the form is to list as much information as possible to assist the OR and to show you are cooperating. Nevertheless, IF anything debt is not listed it will still be covered. the point about BR is that a notice is placed in the London Gazette newspaper so that anyone owen money by the bankrupt can come forward to declare an interest. ANY debt, other than for fraud or a student loan, from BEFORE the date of the bankruptcy order is covered by the bankruptcy order.
After all, with the best will in the world, it is quite possible that all debts are not in the secured and unsecured debts section of the BR form. The onus is on creditors to read the Gazette to see if any of their debtors are going BR. Otherwise, why bother to list it in the Gazette, anyway? It is done for informational purposes, not simply to name and shame bankrupts. |
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shortfall on mortgage
