keeping your home
Date: Sun, 01/17/2010 - 17:22
Hi,
My husband and I are planning to file for chapter 7 bankruptcy and include our home and the second mortgage as well as all our credit card debt.We are not behind on our house payments or the second mortgage payments and are only filing to avoid being sued by credit card companies we are behind on.My husband has a child support garnishment on his check and I self employed and have lost a lot of income.Our home is in bad condition and needs repairs we simply can not afford and it's value is way less than what we owe so it seems like the best option for us to walk away from it.I am curious however as to if we can include the second mortage in the chapter 7 and not the first, keep the house and discharge all our other debts which would make it more affordabe for us to repair our home in the distant future instead of losing it.Can we include the second mortgage and not the first and still keep our home?
My husband and I are planning to file for chapter 7 bankruptcy and include our home and the second mortgage as well as all our credit card debt.We are not behind on our house payments or the second mortgage payments and are only filing to avoid being sued by credit card companies we are behind on.My husband has a child support garnishment on his check and I self employed and have lost a lot of income.Our home is in bad condition and needs repairs we simply can not afford and it's value is way less than what we owe so it seems like the best option for us to walk away from it.I am curious however as to if we can include the second mortage in the chapter 7 and not the first, keep the house and discharge all our other debts which would make it more affordabe for us to repair our home in the distant future instead of losing it.Can we include the second mortgage and not the first and still keep our home?
You need to consult an attorney for better understanding of your
You need to consult an attorney for better understanding of your situation.
Anyway, if you are filing ch7 then you may need to include both the first and second mortgage.
Quote:Originally Posted by SCYou need to consult an attorney for
Quote:
Originally Posted by SC You need to consult an attorney for better understanding of your situation. Anyway, if you are filing ch7 then you may need to include both the first and second mortgage. |
Quote:Originally Posted by AnonymousI thought you could reaffirm
Quote:
Originally Posted by Anonymous I thought you could reaffirm the first in a chapter 7? |
If you want to keep the house then you have to reaffirm the first mortgage but in that case you have to payoff the second loan as well. If you want to reaffirm the first but want to get rid of the second, then ch 13 is your option. You can look for stripping the second mortgage.
In ch 7 you may either reaffirm both or discharge both. Your best bet is to consult an attorney.