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 bankruptcy postbag for march
 Mortgage shortfall
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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?


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.

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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