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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I need an attorney from San Diego county as I have filed my

Customer Question

I need an attorney from San Diego county as I have filed my BK7 but so far I have been unable to find a consistent answer re my reverse mortgage. Help! I must file schedule D soon.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
For schedule D, you list the name of the creditor/bank along with the current balance (the amount of the current lien) You would list the income stream on schedule I.
Customer: replied 7 years ago.
I have already done what you suggested as far as filling out he form--so I am upside down on the loan but I don' want to touch that loan, I want to leave it in place...I stated at the beginning I needed help from an attorney in San Diego County and I'm sure someone will respond.This scenario will be happening a lot in this area as we have a large population of retired people who are just beginning to realize they are broke.
Expert:  Terry L. replied 7 years ago.
Ok, so, the creditor should prepare a reaffirmation agreement, this will allow you to keep the mortgage lien (let it survive bankruptcy). There shouldn't be anything else to worry about, as long as there is no longer any equity in the home, the trustee won't be looking to liquidate the home. Bankruptcy is federal law, so really anyone, including myself can assist you with general questions. What is your question?
Customer: replied 7 years ago.
I was going to file a notice of intention and reaffirm the debt but I make no payments on the reverse mortgage so that seemed to not be feasible.