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Will I have to sell my house in a Debt Agreement?
If your creditors agree to the DebtAgreement, you usually will not have to sell your house - but you may need to release some equity from the property to encourage the creditors to accept the proposal.
If you choose to keep your house, the regular mortgage payments must be maintained however, your house mortgage - being a secured debt - stands outside of the Debt Agreement.
Remember - if you were made bankrupt, the Trustee in bankruptcy would need to take steps to sell the equity in your property - to a spouse or a third party.
Liquidation Experts, Liquidation and Bankruptcy Specialists, Liquidators Registered with ASIC, Bankruptcy Trustees Registered with ITSA, Insolvency and Liquidation Advice, All forms of corporate and personal insolvency, Liquidation throughout Australia, Part IX Debt Agreements, Part X Personal Insolvency Agreement, Bankruptcy Experts.