>>>>"Lord Turkey Cough" wrote
>>>>> No point in offering him one as he doesn't want one...
>>>>
>>> "Tim" wrote
>>>>Then how would the borrower intend on paying off the
>>>>loan that he's just defaulted on, before the court makes
>>>>him bankrupt -- and the house (and other assets) are all
>>>>sold off to pay his creditors (including the unsecured loan) ?
>>>
>>Mike_B wrote:
>>> Why would the court make someone bankrupt? Its
>>> none of their business unless a creditor makes a petition.
>>
> "Ronald Raygun "wrote"
>>That's the whole point. The lender whose loan the
>>borrower has defaulted on would only be able to
>>stand a good chance of getting their money back by
>>petitioning the court to make the borrower bankrupt...
>
"Mike_B" wrote
> With the average dividend on bankruptcy
> being just a few pennies in the pound, ...
The average is irrelevant here : we're considering specific
cases where there *is* sufficient equity in the house to pay
the debts, but even so the borrower has defaulted on the loan.
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