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T O P I C    R E V I E W
troubled008 Posted - 24 September 2008 : 11:37:27
Hello again.

I am about to stop my mortgage and secured loan repayments, in order to accumulate the funds for bankruptcy. When the house is repossessed I would expect the shortfall to be for about £30,000 (no equity in house) adding to £23000 of unsecured debt. I have read in other posts that suggest secured debts should be logged in both the secure and unsecure sections of form. I have read that secured loans cannot be included in bankruptcy and assume this is a loophole - does it guarantee the inclusion of the shortfall?

For the income/expenditure section of the form. I am moving into a rental property with a lower monthly cost, than the mortgage and loan, after bankruptcy. Do I list my current monthly repayments or those I will have after bankruptcy?

Thanks again, this site has been a great help.
3   L A T E S T    R E P L I E S    (Newest First)
John Posted - 24 September 2008 : 15:52:35
Hi
if you know what the rental will be, and your previous post indicated that you do, then it's ok to put that figure.
If you don't then put the mortgage figure for now and advise the OR when this changes.

www.Bankruptcyhelp.org.uk
0800 078 9367
got there Posted - 24 September 2008 : 15:48:48
Hi Suzanne

I have had advise from this forum that your should put the mortgage payment down if you are still living in the house and dont know what the exact rental payments will be? I am now confused??

Suzanne Posted - 24 September 2008 : 11:43:07
Hi

You should list the shortfall in the secured and unsecured sections and then you can be sure it will be captured.

If you are not currently paying the mortgage but know what your future rental will be, put down your future rental.

Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk

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