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and another question.....

sortinitout
sortinitout Posts: 64 Forumite
in Bankruptcy & living with it
I have just read in another post that if your home is sold after BR then you may be liable for the shortfall??? My mortgage is with Kensington and I have a secured loan with first plus. I haven't yet informed either company that I will soon be moving into rented accom. Whan should I do this? Also is it true that any shortfall would be passed to me after BR? I'm very mixed up now....

Comments

  • debt_doctor
    debt_doctor Posts: 4,595 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You will not be responsible for any shortfall of any secured / previously secured lender, even if the property is sold after you are discharged from BR.

    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
  • debtinfo
    debtinfo Posts: 7,012 Forumite
    as debt doctor says any shortfall is included in the bankruptcy, unless you sign anything after bankruptcy accepting liability again
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
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