Can I be made bankrupt if I have my property repossessed?

I am very worried at the moment. I have 2 mortgages and I am very scared that the 2nd property will be taken also. If so my wife and I have no where to live for myself and our children.

The mortgages are with two different Building Societies - Halifax and Chelsea.

Can anyone please advise

-- Alan Reid (alanreid@v21.me.uk), September 04, 2002

Answers

Frankly YES!

If they repo your house and other assets (eg sole trader machinery) and you still owe an amount, which they deem they want, then they can technically file for your bankruptcy.

They tend to settle as being bankrupt writes off their debt, and they would not want that. See the local CAB/library for advice on BANKRUPTCY

-- Geoff Winters (Geoff-winters@supadooper.com), September 04, 2002.