One of the major advantages a Debt Agreement has over Bankruptcy is that you will be able to keep your house as long as you disclosed it to your creditors when you set up your Debt Agreement and you comply with the terms of your Debt Agreement.

Assuming you have complied with the above, then your house will be protected.

This is because by entering into a Debt Agreement, you avoid becoming bankrupt. Only in bankruptcy will you run the risk of losing your house.

Other requirements that you need to meet in order to keep your house while entering into a Debt Agreement include:

• Keeping mortgage repayments up to date (otherwise you may risk losing your house through a mortgagee repossession)
• Disclosing the full details of your house in your Debt Agreement proposal

By meeting these terms, you can protect your house from being sold by the mortgagee or by a Bankruptcy Trustee. If you would like to avoid Bankruptcy and protect your house, then a Debt Agreement may be your best choice.

At Debt Agreement Advice Centre, we have years of experience in helping Australians enter into a Debt Agreement and protect assets such as their house. If you would like to find out more information and see how we can help you, please call our friendly debt consultants for expert advice on 1800 653 485 (toll-free).