2006-12-26 02:46:43 · 6 answers · asked by annaaul 1 in Business & Finance ➔ Credit
The lien on your home is secured by the property.This means that the bank can sell the house to satisfy the loan, even if you are declared bankrupt.
2006-12-26 02:50:05 · answer #1 · answered by Chief BaggageSmasher 7 · 0⤊ 0⤋
When you file BK you should have included any/all liens. You are responsible totally, however in smaller amounts plus whatever is current if it is the lien from your bank for your property. If you have a lien for some other reason such as taxes some states are able to include past amounts owed with your BK. If you hired a BK attorney best to consult with him for the best option now.
2006-12-26 03:23:39 · answer #2 · answered by Million C 2 · 0⤊ 0⤋
Depends on what the lien is for. If it is for taxes you are responsible. You cannot bankrupt taxes.
2006-12-26 02:58:25 · answer #3 · answered by zero 3 · 0⤊ 0⤋
When you declare BK, the bank most likely will sell your home, that will go towards satisfying you debt to them. If you owe 120K and it sells for 80K, you still owe them 40 K. Most of the time, they will negotiate with you before it gets that far, they don't want a bad loan on their books either.
2006-12-26 06:16:14 · answer #4 · answered by Brett C 4 · 0⤊ 0⤋
Your responsible
2006-12-26 02:49:45 · answer #5 · answered by LCee 5 · 0⤊ 0⤋
include it in the bk - some are some are not - ask your atty
2006-12-26 03:17:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋