Massachusetts bankruptcy question?

Question

Under Chapter 7 bankruptcy, will my mortgage debt be canceled ? Car loan ?

Several years ago I did enroll with the Homestead Act protection. No collateral for my home loan or car loan was ever put up.

Answer 1

Secured debts will not be canceled in a bankruptcy. Secured debts are debts where there is collateral involved. If the debt is not paid the lender has a right to take the collateral(your car or home) to satisfy their debt.

Answer 2

I guarantee you the Collateral for your home mortgage IS your home. If you filed chapter 7 and stopped paying the mortgage, you would lose your house. You can file a chapter 7 and keep the house if you keep paying the mortgage. Same goes with a car loan (which the car is collateral for the car loan). You don't get to keep the property without paying the debt. You will cease being personally liable for the debt if you don't reaffirm, but if you don't reaffirm your car, your lender is under no obligation to let you keep paying on it and keep it.

Answer 3

In your case this site can be very helpful HTTP://CREDIT.SALESQUOTES.INFO

RE Massachusetts bankruptcy question?

Under Chapter 7 bankruptcy, will my mortgage debt be canceled ? Car loan ?

Answer 4

If you want to keep your house and your car you have to reaffirm your debt. What this means is that you state that you will keep up the payments. If you do not do that then the people who lent you the money can repossess the property.

There's a website here which explains how this works in detail. I hope this helps.

Answer 5

Massachusetts bankruptcy question?

T.R.Y
T.H.I.S.
S.I.T.E
W.H.E.R.E
Y.O.U
C.A.N
F.I.N.D
T.H.E
B.E.S.T
S.O.L.U.T.I.O.N
F.O.R
Y.O.U