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.