 jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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 Posted: Thu Aug 20, 2009 12:00 am Post subject: |
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Hi Tonnie,
I'm not aware of any such laws in Michigan. It may have been proposed, but has not yet been passed into law. As far as I know, if there is a mortgage on your primary residence and you file chapter 7 bankruptcy, the court will see if the debt could be paid off by selling your assets. Once you are discharged from your bankruptcy, you are not personally liable for the debt. But in order to keep the residence, you are required to sign a reaffirmation agreement with your mortgage holder. |
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