happens to debts with regards to bankruptcy

[mikey.m]

If we have got secured borrowings as well as a mortgage but our house is then repossessed and we go bankrupt what happens to all of these debts with regards to bankruptcy

[Soulgrowth]

Hi mikeym ... just wanted to welcome you to the Forum. I'm not one of the experts but I think you will find that all the debts will be tied up in your bankruptcy. One of the experts will be along shortly to give you some better advice.

Debbie

[MelanieGiles]

Any shortfall on secured debts ranks as an unsecured creditor in the bankruptcy. If there is not shortfall, and you wish to remain in the property, you will need to carry on paying the secured loans to avoid possession. If the house is possessed and there is a surplus, this money belongs to your Trustee who is duty bound to distribute it evenly amongst your creditors.