Should We File a Chapter 7 and Chapter 13 Bankruptcy to Save Our Home? – Tom

By on June 29, 2011
Should We File a Chapter 7 and Chapter 13 Bankruptcy to Save Our Home? – Tom

“Dear Lewis,

I live in Nevada, the highest unemployement in the nation. Both wife and myself have been laid off. I was laid off Feb this year and my wife Feb last year. We have a stack of collection accounts and we have not paid our mortgage in a year. We want to keep our house because we have sank our life savings into it. What bankruptcy would we file. I heard 7 to get rid of debt including second mortgage and then a 13 to modify the house.

What bankruptcy would we file. I heard 7 to get rid of debt including second mortgage and then a 13 to modify the house loan. Is this correct and/or do you have better advice.

Thank you,

Tom”

Dear Tom,

You need to see a local bankruptcy attorney.

If you want to save your home, chapter 7 is not an option. You can only end your personal obligation to pay the loans in chapter 7. The second mortgage lien would remain, and if you don’t pay, they could foreclose.

In chapter 13, you can do what is called a “lien strip”. That means if your home is worth less than what you owe on your first mortgage, the second mortgage has no security and can be stripped off. But again, this can only be done in chapter 13.

Please sit down with a bankruptcy attorney in your area. Almost all of us offer free consultations. A chapter 13 should not be filed without an attorney, and stripping a second mortgage is a very precise legal issue.

Good luck!

My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.

Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.

READ  We Used to Run a Daycare Business in Our Home And Then It Was Foreclosed On. - Caroline

If you have a bankruptcy question you’d like to ask just use the online form.

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s and and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Steve Rhode

Steve Rhode is the Euro-Video and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Share a Comment / Leave a Reply

www.avtomaticheskij-poliv.kiev.ua

best-mining.com.ua

steroid.in.ua
%d bloggers like this: