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?
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??
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.
secured and unsecured debt queries
Posted - 24 September 2008 : 11:37:27
