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Published on Dec 12, 2012
People who are struggling with debt come to us with a wide variety of concerns, but the most pressing of these is "will I lose my home"? This question is a difficult one and can only be properly answered after we do a full debt assessment, as many factors need to be taken into consideration. We can, however, provide some initial comments here. There are two ways in which you could lose your home: your mortgagee could repossess it, or you could lose it under bankruptcy. It is essential that you keep your mortgage payments up to date, as no arrangement has the power to stop the bank from repossessing the property if you fall behind. Your home can also be placed at risk by unsecured creditors, in that if they petition to have you made bankrupt it would most likely be sold. As it stands now, anyone to whom you owe more than $5,000 can try to have you made bankrupt if they are not being paid. If your unsecured debt has become unmanageable, it is best to try to negotiate a debt agreement or a personal insolvency agreement with your creditors as it would give you legal protection from the risk of bankruptcy by them. If you are concerned about losing your house, please call us today and we will undertake a financial assessment for you -- free of charge.