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 Forum Questions
 After discharge from bankruptcy we are splitting up. Would we be liable for any shortfall ?
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Chris.77
Starting Member



1 Posts

Posted - 18 May 2014 :  14:27:01  Show Profile  Visit Chris.77's Homepage  Reply with Quote
My wife and I declared bankruptcy in August 2012 and were discharged after 12 months. We are no longer required to pay in IPA. We have recently decided to end our relationship, meaning one of us will leave the property.
At the time of BR, we had negative equity so we were able to remain in the property and decided not to purchase the BI. If we were both to leave the property now, would we still be liable for any shortfall? or would it be cleared under the BR?

Niobe
Administrator



United Kingdom
4590 Posts

Posted - 18 May 2014 :  18:19:28  Show Profile  Reply with Quote
Hi and welcome to the forum.

As far as I am aware you will be liable for any shortfall as this has happened since BR discharge.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant


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Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 18 May 2014 :  19:44:42  Show Profile  Reply with Quote
Hi Chris,

The shortfall will be included in your bankruptcy IF you haven't signed for any new mortgage, mortgage deal, package or acknowledgement of the shortfall after your bankruptcy.

If you've never signed anything after your bankruptcy, then regardless of when it's repossessed, the shortfall will be included in your bankruptcy.



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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Niobe
Administrator



United Kingdom
4590 Posts

Posted - 18 May 2014 :  19:49:26  Show Profile  Reply with Quote
Apologies for that - I thought it wouldn't be included as they have been discharged.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant


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