2006-09-04 12:02:48 · 8 answers · asked by olyviam1 2 in Business & Finance ➔ Personal Finance
Bankruptcy (7, 11, or 13) will not disturb the legal status of a properly documented mortgage. The only thing that a bankruptcy might do is delay (slightly) the forclosure process if you stop paying on your HEL.
2006-09-04 12:08:47 · answer #1 · answered by Homer J. Simpson 6 · 0⤊ 0⤋
No, you do not get to select. They both have a lien on your home. If you file Chapter 7 and liquidate all your assets and eliminate all unsecured debt, then your home would have to be sold to pay off the secured creditors for your 1st & 2nd.
If you really want to avoid all that, transfer the home equity to credit cards and file Chapter 11 about 91 days later.
2006-09-04 12:06:18 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Husband owns a mortgage co. If you file bankruptcy on a home equity, they could take your house. Don't do it. Good luck.
2006-09-04 12:05:12 · answer #3 · answered by lauriek 2 · 0⤊ 0⤋
they would take your mortgage, house from you. Remember the laws changed last year...bankruptcy is not as easy as it used to be and they can come after you on a number to things they couldnt before. Best to contact an attorney. Save yourself a lot of grief in the long run.
2006-09-04 12:07:08 · answer #4 · answered by kickinupfunf 6 · 0⤊ 0⤋
You need to see a lawyer, but it is my impression that bankruptcy covers your entire financial situation. So be careful as there are many ramifications.
2006-09-04 12:06:17 · answer #5 · answered by Ace Librarian 7 · 0⤊ 0⤋
can i take of my underwear without taking off my pants?
2006-09-04 12:04:19 · answer #6 · answered by barrabas 3 · 0⤊ 0⤋
No, all your debts will have to be listed.
2006-09-04 12:04:18 · answer #7 · answered by Fleur de Lis 7 · 0⤊ 0⤋
I doubt it.
2006-09-04 12:04:30 · answer #8 · answered by hirebookkeeper 6 · 0⤊ 0⤋