Author Topic: Need to go bankrupt but how?  (Read 5608 times)

James Falla

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Re: Need to go bankrupt but how?
« Reply #15 on: Dec 14, 2011, 10:58:32 AM »
Hi Billy
Normally I suggest you move out of your property and start the repossession process before you declare yourself bankrupt (by voluntary surrender). That way the process has already started. The house will generally not yet be sold, however you can estimate the shortfall in the list of your creditors. The Official Receiver will not actually be able to deal with the shortfall until the sale happens and it is cryistalised. However whenever that is (even after 12 months when you have already been discharged from your bankruptcy) the shortfall will still be included in the bankruptcy and dealt with by the OR.
In terms of your ex wife, yes she will also be liable for 100% of the shortfall. The mortgage company wil chase her for it and probably catch up with her eventually. 
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