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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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We took out a 2nd mortgage on our property and leant the majority

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We took out a 2nd mortgage on our property and leant the majority of the money to my husbands former employer (for business purposes) who is now about to declare himself bankrupt. We have papers saying that he agrees to repay the money no time limits.Should we be added to the list of creditors in the bankruptcy or should we bide our time and wait till later on when he may have some monies.Also we would not be able to give a true figure for the bankruptcy as there is a floating charge on our property and if there is not enough to pay it from the sale of his property it reverts to ours
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,

Thank you for your question. I am happy to assist you.

You will want to file a proof of claim with the bankruptcy court listing the debt as accurately as possible. If you do not, the debt to you typically would be discharged in the bankruptcy and your husband's former employer would have no obligation to repay the debt later.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
FLAandNYLAWYER

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