Will I have to sell my house in a Personal Insolvency Agreement?
If your creditors agree to the Personal Insolvency Agreement, 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 PIA.
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.
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