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Bankruptcy & Houses

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Section Three

A few things to keep in mind

If the house is going to be saved in bankruptcy then mortgage payments need to be kept up to date, both now and in the future.

And you should aim to be up to date and be able to stay up to date on council rates and utilities.

Of course once the bankruptcy is in place then the problem debts, like unpayable tax, credit cards and store cards have been canceled, so it might be that the mortgage payments on the house are more affordable than they were previously.

You should be aware that if you have a chequered relationship with the bank that has your mortgage then they may seek to end their relationship with you when you once they are informed you are bankrupt.

In any normal circumstance the mortgage arrangements on the house are not changed if you are bankrupt and there is no change to the title deeds.


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