Is it possible to protect my house and file bankruptcy for remaining debt, e.g., credit card and a 2nd equity line of credit?

Is it possible to protect my house and file bankruptcy for remaining debt, e.g., credit card and a 2nd equity line of credit?
Answer this question Add to list

Answers (2)

Nanina Dekyi Takla

Nanina Dekyi Takla

Contributor Level 4
A chapter 13 bankruptcy might be a good option for you. It's impossible to know for sure without knowing a lot more about your financial situation.

By way of example, if you 1) are current on your first mortgage; 2) have enough income to pay your monthly payments on your first mortgage, other basic living expenses, and a little extra each month; and 3) the current value of your home is less than what you owe on your first and second mortgages, you might be able to "strip off" some or all of the second mortgage (turn it into unsecured debt and get it discharged along with your credit card debt).

A chapter 7 would get rid of your credit card debt, but not your 2d mortgage. Again, there are a lot of different factors that would affect whether you are eligible to file for bankruptcy and whether a bankruptcy would help you. Your best bet is talking to an attorney who does both chapter 7 and 13 bankruptcies. Most will offer a free consultation.

(This is provided as general information only and is not meant to be legal advice. This communication does not form an attorney-client relationship.)
0 0
Robert J Harris

Robert J Harris

Contributor Level 4
The first thing to do is to talk to a reputable bankrutpcy attorney. You can do a phone or in person consultation. Consultations are generally free and you'll get a lot more info from that phone call than I can give you here.
Bankruptcy Internet sites: There is a lot of good, and bad, advice out on the internet on bankruptcy law, so be careful if you're just "googling" for information. There are sites not run by lawyers, but by people who generate leads and sell those leads to lawyers. I'd suggest you not use any site that doesn't have the name, address and bio of a local attorney.
You can go to our website for a lot of information that applies to your situation.
http://www.pacificbankruptcy.com/
1 0
Back to Search Results

Ask a Question

Get free answers from real lawyers.

Top Bankruptcy Contributors

1.
Shawn B Alexander
Contributor Level 8
114 answers, 0 legal guides
2.
Jeffrey Daniel Larkin
Contributor Level 7
62 answers, 0 legal guides
3.
Robert W. Kovacs Jr.
Contributor Level 7
20 answers, 0 legal guides
View all Bankruptcy Lawyers on the Contribution Leaderboard