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Thread: I have 2 legal charge on some body property . What happens if the owner goes bankrup

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  1. #1
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    Default I have 2 legal charge on some body property . What happens if the owner goes bankrup

    Hi I be most grateful.if some body can answer my question .
    The property is worth 1.2 mil pounds.
    1 charge bank 500.
    2 charge me for 300.
    3 charge some body else for 300..
    What would happen if the private owner would go bankrupt.
    I have the 2 charge on his property .
    Is my money safe
    Thank you for your replies.
    I need advice . Thanks

  2. #2
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    Default Re: I have 2 legal charge on some body property . What happens if the owner goes ban

    Hi Siambella,
    Here's a useful link on when someone goes bankrupt and how the 'creditors' of which you are one, are treated. There is a strict order that any creditors are dealt with and it will very much depend on what other debts there are and where those lenders are in the priority list.
    Hope this helps:-
    https://www.gov.uk/government/public...-for-creditors
    I am a qualified solicitor employed by the LegalBeagles forum to provide guidance on a wide range of legal queries. I am happy to try and assist informally, where needed.

    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any practical advice I give is without liability. I do not represent people on the forum.

    If in doubt you should always seek professional face to face legal advice.

  3. #3
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    Default Re: I have 2 legal charge on some body property . What happens if the owner goes ban

    Thank you so much siambella

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