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T O P I C R E V I E W
trevb
Posted - 25 September 2008 : 01:41:28 If i have a secured loan and i have my home repossesed what happens to the loan when i go bankrupt
2 L A T E S T R E P L I E S (Newest First)
flexaccount
Posted - 25 September 2008 : 09:39:54 So long as you give up your house any secured debt not fully repaid by the sale of property can be included in your bankruptcy.
John
Posted - 25 September 2008 : 09:39:11 Hi if the house is repossessed and then sold the loan automatically becomes unsecured. The unsecured remainder of the debt may then be written off in bankruptcy but you need to get the timing of events and your court documentation right to ensure this.
