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?
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.
-------------- 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.