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

[Siambella]

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

[Peridot]

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

[Siambella]

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

Thank you so much siambella