question category: Bankruptcy

house repossed still £50k of debt, part was secured on the house will bankruptcy clear this?
Submitted on: 10th Feb 2010 by Non-Member | Total Answers: 1

my house was repossed, i had a secured loan on this and there is still debt from after the house repossesion and sale. if i go bankrupt will this clear the secured debt and debt with the mortgage company?

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Re: house repossed still £50k of debt, part was secured on ...

Yes, although bankruptcy doesn't normally directly deal with secured debt - either bankruptcy or an IVA would deal with the shortfall from a repossessed property.

If you want further information on this get some advice from a licensed insolvency practitioner or a debt advice charity such as Debt Advice Foundation.

Submitted on: 10th Feb 2010 by Darren Member

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