Take 2 examples
a. a single man with no family with secured and mortgage debt. if he is declared bancrupt will he be free of all debt including mortgage debt at the end of the bancrupcy provided he hands over all assets including his house? Can the secured debtor stop the mortgage being wiped in this way?
b. a man with a wife and children and secured and mortgage debt. the house is in his sole name but the family live there. the OA has to get court permission to sell family home. if the court doesnt allow the sale of the family home what happens to the mortgage debt at the end of the bancrupcy process?
Much appreciated if you can help with this one.
it just seems that if the mortgage debt remains unchanged at the end of the bancrupcy process then whats the point in entering it in the first place if the mortgage is where the problem lies - my own thoughts are maybe the person has to be willing to hand over all secured assets to OA if they are to be truly free on discharge.
a. a single man with no family with secured and mortgage debt. if he is declared bancrupt will he be free of all debt including mortgage debt at the end of the bancrupcy provided he hands over all assets including his house? Can the secured debtor stop the mortgage being wiped in this way?
b. a man with a wife and children and secured and mortgage debt. the house is in his sole name but the family live there. the OA has to get court permission to sell family home. if the court doesnt allow the sale of the family home what happens to the mortgage debt at the end of the bancrupcy process?
Much appreciated if you can help with this one.
it just seems that if the mortgage debt remains unchanged at the end of the bancrupcy process then whats the point in entering it in the first place if the mortgage is where the problem lies - my own thoughts are maybe the person has to be willing to hand over all secured assets to OA if they are to be truly free on discharge.