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 bankruptcy postbag for march
 Mortgage shortfall
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Stanford
Starting Member

2 Posts

Posted - 24 June 2012 :  12:27:10  Show Profile  Reply with Quote
I am due to claim Bankruptcy next month. I am Irish and my debt is an Irish mortgage in negative equity. I am a UK resident and have been living and working here since 2011.

My question is. Will my bankruptcy cover me for the shortfall of my mortgage? est £80,000

In Ireland it can take years for the banks to repossess a property because there are so many taking place at the moment. So even if I have been discharged from my bankruptcy the property could still just be sitting there. Eventually when it is repossessed and a shortfall is made will the shortfall just be backdated to my bankruptcy here in England?

Thanks!

year 2029
Average Member

590 Posts

Posted - 24 June 2012 :  13:09:17  Show Profile  Reply with Quote
Once a property is repossessed, the shortfall in the mortgage (negative equity and selling costs), can then become an unsecured debt, and as such, proved as a debt within your estate at date of bankruptcy.

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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
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