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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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What happens to my home which has a first and a second loan

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What happens to my home which has a first and a second loan on it if i file for bk, what hapeens to me

So sorry to hear of your dilemna. I will strive to provide you with legal information to assist you.

I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information on this open and nonconfidential forum.

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, if any, 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 California:

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Customer: replied 5 years ago.
so what happens with the home do the bank work with you/mogage company does anthing happen with the second loan,not suer what a unsecured loan is?
would you be filing a 7 or a 13?
Customer: replied 5 years ago.
How many questions to can i askmyou for the 20dallors

I have not been paid. I am only paid if you accept.

A Chapter 13 bankruptcy can strip off a second mortgages if the first mortgage equals or exceeds the value of the property.
Ellen and 3 other Bankruptcy Law Specialists are ready to help you