Have you asked your bankruptcy attorney if this is possible?
In no way am I offering you legal advice, and in no way has my comment created an attorney-client relationship. You are not to rely upon my note above in any way, but insted need to sit down with counsel and share all relevant facts before receiving fully-informed legal advice. If you want to be completely sure of your rights, you must sit down with an experienced criminal defense attorney to be fully aware of your rights.
Depends on what Chapter of the Bankruptcy Code you are filing under. Under Chapter 7, the answer would be a qualified "yes" - however, if you are interested in keeping the home after the bankruptcy, you would most likely need to continue paying the secured liens (mortgage,HELOC, etc.). Recent case law in Florida (May, 2012) allows for "loan stripping" to remove junior liens (such as the HELOC), but only where the lien is NOT secured by the equity in the home. Since it appears your home is worth more than your first mortgage, this probably is not an option for you. You need to seek the advice of a bankruptcy attorney in Boca as to the best way to proceed.
Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact an attorney for legal advice concerning your matter.
Not possible with your facts.
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The basic answer to your question is that you probably can not due to the equity that you have against your first mortgage. BK still may provide other benefits, especially if the majority of your debt is business debt.
Based on the dollars and values you indicated, bankruptcy will not eliminate the mortgage and equity loan liens on your home. Though bankruptcy would discharge the debt, due to your equity in the home bankruptcy will not help eliminate the second mortgage or equity line.
The questions and answers posted on AVVO are for general information and should not be treated as legal advice or establishing an attorney-client relationship.