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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  Licensed to Practice Law
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can you file brankrupcy on a equity line of credit thro a bank

Resolved Question:

can you file brankrupcy on a equity line of credit thro a bank and still keep your house
Submitted: 5 years ago.
Category: Bankruptcy Law
Customer: replied 5 years ago.

Huntsville, Alabama


Already Tried:
have tried to work with them on payments, can't afford what they want
Expert:  TJ, Esq. replied 5 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “can you file brankrupcy on a equity line of credit thro a bank and still keep your house”

Answer: Generally speaking, if the equity line of credit isn’t paid, then the lender can foreclose on the house regardless of whether or not you file for bankruptcy protection. The reason is that bankruptcy only discharges unsecured debt. On the other hand, the general rule is that secured creditors are always protected up to the value of the collateral.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

If the information that I provided was helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

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DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9739
Experience: Licensed to Practice Law
TJ, Esq. and 2 other Bankruptcy Law Specialists are ready to help you

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