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Negative equity & The bankruptcy Process

I have  my flat and a bankruptcy is imminent.

What happens to the negative equity if my flat doesn’t sell?

Is this now going to hang over me, and come back on me down the line?

Not necessarily, but we first need to establish whether you want to keep the flat or include it in the bankruptcy. If you continue paying the mortgage and there is no equity in the flat, the Official Receiver will not force a sale. If you prefer to include the flat in the bankruptcy, you will not be responsible for any shortfall once it has been repossessed and sold (regardless of how long it takes to sell).

Call us with any questions or for bankruptcy help on 01425 600129 or 07479 739139.

 

 

Bankruptcy UK

Bankruptcy UK