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In 2 Deep
Junior Member



United Kingdom
161 Posts

Posted - 15 October 2009 :  09:00:55  Show Profile  Reply with Quote
Hi All,

Can someone please advise if all secured debt is written off in BR?

This would include mortgage shortfall, and any second charge on the property.

Thanks in anticipation.

Treat EVERY Penny as a prisoner.

Melanie.n
forum expert



United Kingdom
1282 Posts

Posted - 15 October 2009 :  09:48:31  Show Profile  Reply with Quote
Bankruptcy deals will all UNSECURED debt - SECURED debt in not dealt with by the Official Receiver

However, if a property is repossessed or surrendered back to the mortgagee the outstading debt or shortfall changes in status from 'secured' to unsecured as it is no longer 'secured' on the property, thus shortfalls are then included in the bankruptcy. The same would apply to any second charge on a property in the venet that the property is repossessed/surrendered - the second charge reverts to an unsecured debt and is again included in the bankruptcy

Hope this helps

Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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