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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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My husband and I want to know if we bankrupted would we be

Customer Question

My husband and I want to know if we bankrupted would we be able to renew two mortgages? Our residence and a mobile home I owe the mortgage on - got it for my daughter to live in as she does not have good credit.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
Please explain what you mean by "renew". Are you trying to refinance?
Customer: replied 7 years ago.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

We want to keep both mortgages and continue to pay.,

 

 

 

 

 

 

 

 

 

Expert:  Ellen replied 7 years ago.

Hello,


Thank you for your question. I am happy to assist you.


The assets that you may retain in a bankruptcy depend upon the Chapter bankruptcy you file and the state exemptions. Typically you can continue the mortgage payments.


As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.


A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets that exceed your exemption.


A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for Alabama:
http://www.bankruptcyinformation.com/AL_exemp.htm


I hope that the information which I provided was helpful to you.