Mortgages and mortgage advice, this is your route

  Home  |  About Mortgages  |  Sourcing Tools  |  Calculators  |  Key Facts  |  A to Z       Contact Us
You are here: Mortgage Route > Glossary A to Z > Letter B
 

The Mortgage Route A to Z
Bankrupt

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

Did this page help you?

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Letter B

Bankrupt

A person who has been declared bankrupt in accordance with the Insolvency Act of 1994.

Once made a made a bankrupt a supervisor is appointed to receive the bankrupt's earnings. The bankrupt is then allowed to receive an allowance on which to live with the rest of their earnings being reserved for the benefit of their creditors (the people they owed the money to).

Bankrupts are not allowed to hold a bank accounts or apply for credit in excess of 250 without the court's permission.

FSA declaration and important text about mortgage advice