Subject The article considers foreclosure on the only debtor's dwelling within unfulfilled monetary obligations. Relevant mechanisms are included in draft law prepared by the Ministry of Justice, which is currently under discussion and revision. Objectives The purpose of this work is to study and evaluate both positive and negative implications of practical implementation of mechanisms proposed in the draft law and the procedure for withdrawal of debtor's only dwelling to ensure fulfillment of relevant obligations. Methods I applied both general scientific and special methods. With the help of analytical methods, I investigated factors and conditions affecting the possibilities of seizing and selling the only dwelling of citizens within the framework of unsatisfied monetary obligations. Results The paper reviews the procedure described in the draft law, forecasts both positive and negative implications of the relevant law adoption. I justify the inexpediency of adopting the law in its current form and the need to refine the proposed mechanisms. Conclusions The study substantiates the conclusion that at the present stage of development under economic instability and social tension, the introduction of procedures for withdrawal of the only dwelling in the form proposed by the draft law does not completely solve the existing problems of non-fulfillment of monetary obligations.
Keywords: past due debt, arrears, debtor, real estate, draft law
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