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raffi
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0.10 Dollars($)
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Post subject: Chapter 7 and liens |
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| Will a Chapter 7 bankruptcy get rid of a my 2nd home equity loan? Currently I am modifing the 1st to try to keep the property. The second decided to charge off. But not releasing the lien. There is not enough equity to satisfy the 2nd. If I decide to sell in 5-10 years; what happens to the 2nd? |
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jameshogg

Joined: 20 Dec 2005
Posts: 4291 Location: nevada
509.34 Dollars($)
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Hi raffi,
Filing a Chapter 7 bankruptcy will not help you in getting rid of the second mortgage. If you reaffirm your second mortgage dues, then you would become personally liable for the mortgage again. If you don't, then the lender can foreclose the property. It is good to know that your first lender is ready to modify your loan.
If the second lender charges off your second loan, then you would have to deal with the collection agency to settle your debts. The collection agency will collect the dues from you. You can go for a settlement with the collection agency so that you are not liable for the dues any further.
Thanks |
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anonymous1111
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0.10 Dollars($)
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Post subject: Should I file chapter 7 bankruptcy |
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| I am currently 17 months behind in my mortgage payments, two car loans, one I'm only a cosigner, I have several judgements against me for non payment one being the tuition to my sons high school and the won't release his transcripts or diploma, I have taken several loans against my retirement funds and the repayments are large, I make about 85, 000 yearly. I'm really afraid of lossing everything , what should I do |
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anonymous 56
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0.10 Dollars($)
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Post subject: what should i do |
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| my husband injured on the job 2 years ago and cannot perfrom his job anymore. we have a doublewide (1999 ) still owe 10 years on it, but we have motorcycles we have owned for years. we have credit card debt. i cannot pay our bills on what i make alone. how should i file. our stuff in is my name. if i file can they take anything that is in ym husbands name |
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jameshogg

Joined: 20 Dec 2005
Posts: 4291 Location: nevada
509.34 Dollars($)
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Hi,
To anonymous,
You can file Chapter 7 to help you in get rid of your unsecured debts. As far as your mortgage is concerned, you can reaffirm the debts and pay it off if you want to save the property.
To anonymous,
If you file bankruptcy, then the trustee would consider your assets to pay off your creditors. Your husband's assets will not be considered as he is not filing the bankruptcy jointly with you. You should contact a bankruptcy attorney and he would help you filing your bankruptcy.
Thanks |
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anonymous28
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0.10 Dollars($)
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Post subject: Should I File? |
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| I have been going through a divorce now for over a year. We own 2 seperate spots of land. Now they are suggesting that we file chapter 7 due to debt. As stated in the divorce, she would get one place and I the other. One place has a house that I still owe a mortgage on. I am not behind on it and want to keep it. Neither one of us are able to work due to health issues. Most of the debt is doctor bills. Two credit cards, one of which i have been paying and is up to date, and a reposession of a vehicle. Most of the debt is hers actually. What suggestions do you have for me? |
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adonis

Joined: 22 Oct 2005
Posts: 3852 Location: ALASKA
120.89 Dollars($)
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Hi anonymous,
If most of debts are in your wife's name, then she should file bankruptcy. This will help her in getting her unsecured debts discharged. However, if she wants to save the property, then she will have to reaffirm her mortgage and pay off the dues to the lender. _________________ Procrastination is the enemy of your financial sucess |
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