I owe 145 on my first mortgage and 142 on my line of credit my house was appraised at 200k can i get the remainder discharged: i owe 145 on my first mortgage and 142 on my line of credit my house was appraised at 200k can i get the remainder discharged
Robert's answer: I agree that there is nothing you can do if this is your primary residence. If not then you may be able to cram down the value of the mortgage. You may NOT have to pay the whole amount off over the life of the plan there is a case in Massachusetts that says otherwise. Good luck, Robert Kovacs
Urgent Help!! Maine Bankruptcy Exemptions for Joint Filers: Can Maine's vehicle ($5,000 one car per debtor) and wildcard (up to $6,000 of unused homestead) be doubled for joint filers? I know the actual homestead can, however I need to specifically know about auto and wildcard. Thank you
Robert's answer: I am not licensed in your state so please check with a local attorney before taking any action. Most bankruptcy attorney’s offer free consultations and during a consultation you can learn what bankruptcy will and won’t do. Typically the car exemption is per car per person. So unless there is something unusual going on up in Maine, husband would be able to exempt a car for $5,000 and wife would also be able to exempt a car for $5,000. However you could not combine the exemption and apply it to one car, for example husband and wife can not apply a $10,000 to a single car. Good luck. Robert Kovacs
Robert's answer: I am not licensed in your state so please check with a local attorney before taking any action. Most bankruptcy attorney’s offer free consultations and during a consultation you can learn what bankruptcy will and won’t do. Typically the car exemption is per car per person. So unless there is something unusual going on up in Maine, husband would be able to exempt a car for $5,000 and wife would also be able to exempt a car for $5,000. However you could not combine the exemption and apply it to one car, for example husband and wife can not apply a $10,000 to a single car. Good luck. Robert Kovacs
House underwater, can we strip credit card liens in chapter 7: House appraisal came back at 205k. Mortgages are 224K. There are 2 credit card attachments recorded at the registry of deeds one for 4,500 one for 5,500. So, no exemptions are needed but can we still file to avoid the liens?
Robert's answer: I am not licensed in your state so please check with a local attorney before taking any action. Most bankruptcy attorney’s offer free consultations and during a consultation you can learn what bankruptcy will and won’t do. In a chapter 7 filing you will be able to have any judicial lien that removed that encumbers an exemption. What this means, is that with very limited exception you will be able to have the credit card liens removed from your house in a chapter 7 filing. Good luck. Robert kovacs