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Max Lowry
Max Lowry, Advocate
Category: UK Bankruptcy Law
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Experience:  LLB, 10 years post qualification experience
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Good morning, In the event of bankruptcy, are all debts

Resolved Question:

Good morning,

In the event of bankruptcy, are all debts such as credit cards/ unsecured loans part of the bankruptcy debt procedure ?

Also, my property is in negative equity and will almost certainly be repossessed in the very near future.

Sould there be a potential shortfall, can this be inclused within the bankruptcy proceedings even though the property has yet to be sold and we can only guestimate at the shortfall and have no exact figure ?
Should the property take ages to sell and I am discharged from bankrupty, do I then become liable again for any shortfall ?

Thank you
Submitted: 1 year ago.
Category: UK Bankruptcy Law
Expert:  Max Lowry replied 1 year ago.
Hi, welcome to Just Answer. I will help you with your question. When do you think that bankruptcy is inevitable?
Customer: replied 1 year ago.

Property issue is with mortgage companies lawyers now so anticipate will have to apply for Bankruptcy imminently unless the property issue dictatges the timing.


Ultimately there is no income for payments to secure/non secured creditors

Expert:  Max Lowry replied 1 year ago.
Thanks for the additional information. First of all yes, generally all your credit cards and unsecured debts will be included in the bankruptcy. Things like fines and child maintenance payments are not included in the debt. If the property is repossessed the shortfall will be included within the bankruptcy. After the property is sold, the shortfall becomes an unsecured debt which you can include in the bankruptcy. Even after discharge the shortfall will fall into the bankruptcy. If and when you go bankrupt ensure you inform the Official Receiver that it is likely the house will repossessed and the shortfall needs to be included in the bankruptcy.

Do not sign any forms or documents which the bank may ask you to sign if they repossess. Most likely the bank will try and get you to sign to say you will be liable for any shortfall despite bankruptcy.

I hope this assists.

Max
Max Lowry, Advocate
Satisfied Customers: 1404
Experience: LLB, 10 years post qualification experience
Max Lowry and other UK Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

I assume this include unsecured overdrafts ?


Can you also advise roughly how long the Bankruptcy process takes form time of submitting the petition until bancruptcy is formally declared


Thank you

Expert:  Max Lowry replied 1 year ago.
Yes, It will include all unsecured overdrafts.

If you are presenting your own petition you can be made bankrupt within days of submitting all paperwork to the court. If you wait for someone to make you bankrupt the whole process could take around 2-3 months.

I hope this helps.
Max Lowry, Advocate
Satisfied Customers: 1404
Experience: LLB, 10 years post qualification experience
Max Lowry and other UK Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Thx


Can you pls confirm whether i can apply for directorship immediatley after being discharged form bankruptcy ?

Expert:  Max Lowry replied 1 year ago.
Yes, as soon as you are discharged from bankruptcy you may apply to appoint yourself as director.

Kind regards

Max
Max Lowry, Advocate
Satisfied Customers: 1404
Experience: LLB, 10 years post qualification experience
Max Lowry and other UK Bankruptcy Law Specialists are ready to help you

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