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johngibson15219, Attorney
Category: Bankruptcy Law
Satisfied Customers: 159
Experience:  Admitted to Pennsylvania Bar 1980. I'm familiar with the new law.
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I filed Ch 7 Bankruptcy in August 08, Pro Se. My meeting of

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I filed Ch 7 Bankruptcy in August '08, Pro Se. My meeting of the creditors took place Sept 5th. I opted not to include my mortgage in the bankruptcy although I understand it gets listed anyway because it's a secured asset. I called my mortgage company today to find out what my options were and was told my loan had not yet been assigned to a Bankruptcy Atty in their Bankruptcy Dept. The girl I spoke to could not offer me any information and said I should seek advice from a BK Atty, so I'm not sure what's going to happen. Will they normally offer a Reaffirmation Agreeement? My loan is a VA 30 yr fixed loan....
The Mortgage and your Home both get listed in the Bankruptcy Petition. If you are current with your mortgage and intend to continue paying it then you may keep the equity in your home up to the amount of your exemption. In Arizona this is your state's exemptions. Your homestead exemption is significantly higher than the federal exemptions but you have to stay current on the mortgage.

The Mortgage Company will likely draft a reaffirmation agreement and you will likely have to attend a Hearing to get the Court to approve it.

You should never file Bankruptcy pro se and you should get an Arizona Attorney who practices in this area as soon as possible.
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Customer: replied 8 years ago.
I've spoken to several local attorneys who have also advised me that my house will not be taken by the mortgage company. The bank doesn't want my house anymore than they want a house that's currently in foreclosure. As for not hiring an attorney and filing everything pro se, I have an extensive career in criminal law and have worked in the bankruptcy field as well. In addition, I don't have $1500 to hire a BK atty to do what I've already done. All of my paperwork was filed in a timely manner and I attended my meeting of creditors as well. The discharge of debt should happen next month. I am currently looking into modifying my current mortgage so that I may adjust my principal balance and/or interest rate or both, so that I may stay in my house and am receiving assistance by an attorney regarding this matter. As for the equity in my house, there isn't any equity in the home and like many others, my house is worth much less than what I currently owe.
Bankruptcy may not have been your best choice if the house is less than what you owe. That's because of the "Dewsnup" case where you cannot strip down mortgages on a debtor's primary residence. Because of the crisis with home mortgages, however, I think Congress will probably be overruling or trying to overrule that decision of the U.S. Supreme Court. I think you are still stuck with a reaffirmation hearing under the new law and I'm not sure how that will play out. A lot depends on your Court and the individual Judge.

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