Your home may be repossessed if you do not keep up repayments on your mortgage.
Get a Mortgage Quote · Mortgage Help Desk · Mortgage Calculators
How does bankruptcy affect you?
How does bankruptcy affect you?
Once you are declared bankrupt, the Official Receiver, can sell your assets to pay your creditors. However, they cannot sell essential items such as; clothes, household furniture or equipment needed for work,. The Official Receiver can look at your income and decided whether additional payments should be made to your creditors. An 'income payments agreement' requires you to pay monthly instalments from your income to your creditors for three years.
Once a bankruptcy order has been made against you, your creditors can no longer pursue you for payment. Payment becomes the responsibility of the Official receiver.
| Previous : Who deals with a Bankruptcy Order? | Next : What are your duties under a bankruptcy order? |
- ARLA
- Citizens Advice Bureau
- RICS website
- Council of Mortgage Lenders (CML)
- Security Systems and Alarm Inspection Board
Neither Mortgage Meadow or Home of Choice is responsible for the information contained within these external sites.