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Divorce and bankruptcy

Asked over 2 years ago - Chicago, IL

I NEED to get a divorce however we are both in a Chapter 13. We have a home and currently we are in the midst of have our mortgage amended. We owe much to much on this house (because of refinancing). We have not heard anything on the mortgage as yet and we sent our 1st installment to the finance company who is working on our mortgage. What do I do? Is it smarter to just let the house go into foreclosure and walk away or just stick it out alittle longer and let the new mortgage take effect for awhile and maybe we could sell? We've been together for 15 years (2nd marriage for both of us) and we have a very turbulent marriage. Please help me I don't know what to do.
P.S. my house is not included in the Chapter 13.
Thank you

Additional information
There is a lien on my home. What will happen to that if I were to foreclose?

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Attorney answers (2)

Jeffrey Daniel Larkin

Reputation Level 15

Answered over 2 years ago. Bankruptcy Attorney in Carlsbad, CA.

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One option would be to file for divorce and have your case bifurcated. Depending on your income and assets, you might be eligible to convert your case to chapter 7 and eliminate your debt and get a fresh start that way.

Mr. Larkin is licensed to practice law in CA and is located in San Diego. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case.

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