Rights of mortgage property

You are secured creditor.  Do not wait till IP is filed by the debtor.  Take action immediately for realisation of your debt.  

A secured creditor is generally entitled to enforce its security irrespective of the 

insolvency or bankruptcy of the mortgagor. The mortgage is entirely independent of 

the individual’s bankruptcy or a company’s winding up proceedings. There are 

however, practical consequences for the mortgagee in event of the insolvency of the 

mortgagor.

Once a bankruptcy petition (a request by a creditor or the debtor himself to court for a 

bankruptcy order) is pending, the court can stop or “stay” any legal claim or 

enforcement of an existing court order, against the person or property of the debtor. 

The courts may suspend proceedings or allow them only to continue on such terms 

as they specify. 

Thank you sir for the valid information.

Can I send notice directly or need to send through lawyer ? Is there any specific format?
 

Better send the recall notice through advocate as you are suspecting that the debtor may file IP.