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That's true, but you can also lose your house for completely unrelated debts in the UK (i.e., you could pay your mortgage but if you have a different, unrelated
by the1pato 6y ago
That's true, but you can also lose your house for completely unrelated debts in the UK (i.e., you could pay your mortgage but if you have a different, unrelated loan that you default on then that creditor could have a court sign off on seizing your house).
- bleepblorp 6y agoThis how debt law works pretty much everywhere. Creditors have the right to seize virtually any assets to cover their outstanding loans.
- kube-system 6y agoThis is one area where the US has really good protections. Even most people that file Chapter 7 (liquidation bankruptcy) in the US don't lose any assets. Courts will generally only liquidate investment accounts, vacation homes, high-dollar collectibles, etc. They won't take your primary home, car, typical personal possessions, etc.