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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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bankruptcy

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I am considering filing for bankruptcy. I am trying to get my home mortgage restructured. I have an ARM that was scheduled to adjust this month. The mortgage company is still reviewing my application. I am not behind on any mortgage payments; however, I have three debt collection agencies coming after me. One I can pay off in about four months. The other two are big debts approximately $35,000. One wants $11,000 all at once and the other wants payments of $2,000+ per month. That is double my mortgage payment. If the mortgage request for restructuring does not go through, it will be all over for me. I don't want to file for bankruptcy needless to say, but I don't see any alternative, especially if the mortgage situation does not correct itself. Can you explain how bankruptcy works in Pennsylvania.  Thank you.
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.
Hi JACustomer,
Are you asking how or if one can file a Bankruptcy, what the result of filing would be, or something else?
Customer: replied 2 years ago.
If my situation with the mortgage is resolved, but I am sued in court for the approximately $35,000 of debt I owe, can I file for bankruptcy. If so, would the house need to be included even if I'm not in arrears at this point. Thank you.
Expert:  cfortunato replied 2 years ago.

Thank you for your response.

What is the current market value of your home?

What is the balance on the mortgage?

Customer: replied 2 years ago.
$214,000. It's under water. I have been trying to refinance off and on for three years.
Customer: replied 2 years ago.
My apologies. I did not respond completely to your question. I have a first and second mortgage. The 1st is approximately $172,000 - the second (home equity loan) is approximately $42,000. The last time I had the house appraised, it came in at approximately $189,500. Hope this fills in the holes from my first response.
Expert:  cfortunato replied 2 years ago.

If you file a Bankruptcy, you will be able to keep your home if you do continue to pay the mortgage. A Bankruptcy will discharge your obligation to pay the mortgage, so there will be nothing the mortgage company can do to you if you stop paying, but you can continue to pay it if you want to.

And of course, your obligation to pay the credit card debt will also be discharged.

 

I think this is what you wanted to know. If not, please let me know.
Thank you.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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