Return to the Mortgage Glossary Home to view explanations for all mortgage terms. What follows is the definition for the term Bankrupt as it relates to mortgages in the UK. BankruptSomeone is declared bankrupt when they have insufficient assets to cover their debts. A Corporation, Firm or individual who, via a court proceeding, is relieved from paying debts once assets have been surrendered to an appointed third party designated by the court.
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