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Senior Partner
Senior Partner, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 13323
Experience:  30 years in commercial law
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Hello, Following being declared bankrupt, my property is

Customer Question


Following being declared bankrupt, my property is sold by my mortgage company and there is a shortfall, ie the premises realises say £500,000 when the mortgage is £575,000.

Am I liable for the shortfall over a period of time ?

Thank you

Submitted: 4 years ago.
Category: UK Bankruptcy Law
Expert:  Senior Partner replied 4 years ago.
If you go bankrupt and there is likely to be a shortfall then this shortfall can be included in the bankruptcy and you would not be liable for it after the bankruptcy is discharged. This is on the basis that the property is sold.

If you remained in it and it was in negative equity it could be excluded from the bankruptcy provided you could pay the mortgage payments but then you would remain liable for any shortfall afterwards.

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