Posted on: 05th Feb, 2011 01:55 pm
our mortgage company sent us a 1099 for the year 2010 showing that the mortgage due on our previous home when they repossessed the property was $118,00 in june 2010 and the present value is $60,000. can this 118,000 be discharged if we file chapter 7 bankruptcy
If you file Chapter 7 bankruptcy, then you won't have to pay the deficient balance of $118,000 as it will get discharged.