Response to Bankruptcy

I can't really disagree with Harry's post, except to say that if you are shown to be in a position to tackle the shortfall head on by being a good earner, the Lender may apply to have the petition set aside. All your other debts are wiped clean, but a mortgage shortfall can come back to bite you later on, if all the paperwork isn't done properly. Make sure the OR knows that the Lender left you no choice, and that your predicament has resulted after attempts to recover the situation were rejected or failed. It was some years ago I explored this avenue, and it wasn't the option I chose. Some days, however, when I think of the 11 years of hassle they've put me and my kids through, I wish I had done it.

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