When you are made bankrupt, control of your assets, including your home passes to the person managing your bankruptcy. Your home can be sold if the sale would raise some money which could be used to pay back your creditors.

If your house is sold, your mortgage will be repaid first, along with any other debts secured against your home. Only after these creditors have been paid will any remaining money be put towards paying back your unsecured debts.

If you have fallen behind with your mortgage payments, your lender may also be able to repossess your house. If you are struggling to pay your mortgage and you are considering bankruptcy please contact us, and we will be able to give you some important advice.

Bankruptcy advice

Make sure you get professional, impartial advice if you are considering bankruptcy. Taking this route has serious consequences and you could lose your home. To find out which is the best debt solution for your circumstances, try CCCS Debt Remedy. If bankruptcy is suitable for you, we can put you in touch with our own bankruptcy team. They will give you specialist advice based on your personal circumstances.