Posted on: 23rd Feb, 2011 09:40 pm
My boyfriend just got a loan modification on his first loan for $680k and has a joint 2nd equity line for $120k (90days past due) and some joint credit cards w/ me and i have some individual cards,too. If we file bankruptcy for both idividuals on chapter 7, will it affects his first mortgage because he want to keep his home? What will happen to the Equity line, will we be stuck w/ it? We both have 4 used cars and some jewelry , what will happen to that ? Please give advise, thanks
hi guest,
your boyfriend can include the mortgage in his chapter 7 bankruptcy and reaffirm the loan and pay it off in order to save his house. if the equity loan is not discharged, then it will get discharged. you will have to include the car in your bankruptcy filing but you won't have to include jewelry or any other personal assets in it.
take care
your boyfriend can include the mortgage in his chapter 7 bankruptcy and reaffirm the loan and pay it off in order to save his house. if the equity loan is not discharged, then it will get discharged. you will have to include the car in your bankruptcy filing but you won't have to include jewelry or any other personal assets in it.
take care
Sara is correct on this one. I would go to a lawyer and have them explain the benefits and the disadvantages of bankruptsy. This way you can have all of your information in full and a good understanding of the process.