Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
What is your legal question, please? (What would you like to know?)
If you file a Chapter 13 Bankruptcy, you may be able to eliminate part of the second mortgage, but will still have to pay the first mortgage if you want to keep the house.
If you don't care about keeping the house, you can file a Chapter 7, which will eliminate the liability for most debts, including the mortgages, but you would not be able to keep the house if you don't pay the mortgages.
so with the chapter 7, as long as i pay my mortgages, I can eliminate most of the other debt and still keep my home. I just want to make sure I am understanding correctly.
I am also on my mothers bank accounts. would I have to be taken off of those so she's not affected? I have the deeds to 2 timeshares as well, what would happen to those?
Do you want to keep the timeshares?
Is there any equity (the difference between the market value and the balance on the mortgage) in the timeshares? If so, how much equity?
Ironically, if you file a Bankruptcy (either Chapter 7 or 13), you would only be able to keep the timeshare with no equity, as the Bankruptcy Trustee would want to take the ones with equity and sell them to pay your creditors.
You would also be able to keep your house if you file a Bankruptcy - if you keep paying the mortgages.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).