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kate-m
Starting Member
8 Posts |
 Posted - 10 March 2009 : 21:19:16
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| Hello. Our home was repossessed in Nov 2008. It is currently under offer. We have other debts and need to go bankrupt asap. If we go bankrupt soon and the house doesn't get sold for, say, another six months, will the debt be included in the bankruptcy now or not? Help.... |
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John
New Member
United Kingdom
73 Posts |
Posted - 10 March 2009 : 22:30:19
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Hi
as long as you include the details of your mortgage in section 4 (unsecured debts) within your Statement of Affairs any shortfall between the sale price and the outstanding mortgage will be included in your bankruptcy, however long it takes to sell.
John White
England Jackman & Spacey |
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frosie90
Junior Member
285 Posts |
Posted - 10 March 2009 : 22:46:43
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| Blimey John, do you ever sleep???? Just noticed Kate-M that it is your first post. I am a relative newbie, one month on this site, but you will find so many people to help you. John as above, who has helped me so much on this site and Melanie as well as lots of people who are currently going through problems. Keep posting. I have found that however little a problem or question may be, never be afraid to ask. A problem shared is a problem halved. Good luck. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 11 March 2009 : 08:34:54
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Hi there and welcome, like John states you must include the property on the S of A - I usually advise clients to list the mortgage (and any additional secured borrower if appropriate) on the 'secured' creditor page and also on the 'unsecured' creditor page for £1 (as you do not know what the shortfal will be at this stage) you do this on the unsecured page as when the property is sold the 'mortgage' etc becomes an unsecured debt as it is no longer 'secured' on the property. This way the shortfall from the sale is included in the property regardless of the eventual sum
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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pix1
Average Member
689 Posts |
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Hello. Our home was repossessed in Nov 2008.
