Early discharge

rivers09

Hi folks been a while since i was last on this board, i have been lying low living within my means not spending etc etc and i have been feeling good about it all..my question i received a letter the other day from OR for early discharge from BR, i have filled this in and sent it back no problem. My house which i moved out of in dec before i declared myself BR is still up for sale, the bank have not repossesed it yet although proceedings have started if i am discharged early and the house is eventually sold at a loss. will i be liable for the shortfall that is owing and will the bank chase me for it even though i cant afford to pay anything toward it,thus causing me to declare myself BR again... your advice would be appreciated thanks

iquit

Hi, I'm not sure as I'm not an expert but I think any shortfall will become part of your bankruptcy. All the best with your early discharge.

fermi

Your liability for any future shortfall from a sale/repossession is a liability that existed before your bankruptcy.

As such, the bankruptcy has ended that liability and any future shortfall, even if realised after the bankruptcy, falls into the BR.

So no, you won't need to go BR again even if the repossession/sale is not completed until after your discharge.

rivers09

thanks thats good news :beer:

fermi

Good.

Just don't sign anything they give you that says that you are liable again. You shouldn't be even then, but best not to anyway.