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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15694
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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HI, I trying to see what my Options are for a potentially

Resolved Question:

HI, I trying to see what my
Options are for a potentially filling for Bankruptcy chapter 13 or any other chapter that will allow me to keep my assets and wipe some of my debits.

I got a divorce in 2010 and been behind in everything main house which I owe 600k (first mortgage 430k second 180k bought the house in 2007,Home equity was a NO CASH loan part of a 20/80 mortgage loan) . Also I own a co-op loan amount is 50k (it’s a coop can’t rent it and couldn’t sell it has a very high maintenance fee and I am behind on all) own another property with my sister paid off and is worth 100k. I am back on track with my main mortgage (430k) after modification with Chase bank but my 2nd loan with PNC is charged off and they want to settle for no less then 80k. I was apple to save 40k and that what I am worth. So
1> I woe 430k first mortgage and 180k 2nd mortgage house is worth about 350k
2> 2nd condo/coop I woe 50k place is worth less then 30k short sell was not approved by bank for 27k also behind in maintenance fees of about 750k per month for the last few years total
3> Assets of about 100k in a joint paid off home and 40k in cash at the bank also my salary is about 65k/yr
My question is am I eligible for chapter 13 or any other bankruptcy? to strip off my “home equity” and give up my co-op as I own too much in maintainers fees and back payments to keep and still keep my cash and assets?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

In terms of a chapter 13 that may help you,

WALLSTREETESQ :

in order to strip off a second lien,

WALLSTREETESQ :

the second has to be 100% unsecured by equity,

WALLSTREETESQ :

if it is you can strip that lien from the primary home,

WALLSTREETESQ :

the CO-OP can be surrendered as well,

WALLSTREETESQ :

The problem you may have is that you seem to have assets such a s the home with your sister,

WALLSTREETESQ :

these assets will have to be used to pay off your debts,

WALLSTREETESQ :

and the court can take all non exempt assets, so you have to be careful in filing such a bankruptcy

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15694
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Expert:  WALLSTREETESQ replied 1 year ago.
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