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Mortgages, Re-Mortgages and Secured Loans
Recent changes in the legislation covering bankruptcy laws have led to an increasing number of people choosing this option.
he period of bankruptcy now usually lasts for a maximum of 12 months instead of the previous two or three years. However the restrictions on obtaining credit, being a company director or working in a certain professions still remain. Most people who have a regular income will also be required to make monthly payments for three years towards their debts based on what the official receiver thinks they can afford.
If you own a property or other assets the Official Receiver will require you to sell there to pay back the money you owe. In relation to your home this could happen three years after the date of your bankruptcy, but without time limit for other personal assets.