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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37866
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Can a credit card company take your home because of an unpaid balance in Virginia

Resolved Question:

I was thinking of filing bankruptcy in Virginia. I wanted to keep my house and not pay my credit cards and not pay the second note. My mortgage is current. Can you lose your home if you dont pay the second note and credit cards?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

If your home is worth more than your 1st and 2nd mortgages by $5,000, then the court can order the home sold to satisfy your creditors. You cannot avoid the secured mortgages by filing for bankruptcy. However, if you allow your home loans to be foreclosed, then you will incure deficiency judgments which could be discharged in bankruptcy, but only if the deficiency arises prior to the filing of the bankruptcy petition.


In short, yes you can lose your home in bankruptcy based on your posted facts.


You may want to consider contacting a local bankruptcy attorney for a free consultation to completely evaluate your use of bankruptcy protection.



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