If you owe a lot of money in the UK, what assets can the creditor legally force you to sell to pay off the debts? For example, can they make you sell (or remortgage) your family home? What law is this covered by?
Ultimately, if they force you into bankruptcy, everything, except:
- tools of your trade
- household items (clothing, furniture), however, if these are worth significantly more than a replacement then they can be sold and you get given a replacement.
Short of this they can:
- garnishee bank accounts
- garnishee wages and other income
- seize and sell personal property
- acquire liens over real property
The cannot force you to borrow money pay them, however, this may be a better option than any of the above, particularly bankruptcy.
If you are in such a situation you should seek advice on how to best deal with it. Most creditors are willing to negotiate over amounts and timing: something latter on is better than nothing ever.