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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hi My wife makes $44,000 per year, age 50, teacher and I make

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Hi My wife makes $44,000 per year, age 50, teacher and I make 68,000 per year, age 54, teacher. Our biggest expense is a monthly mortgage payment of seventeen hundred dollars (1,700). We have two kids, one in college and one going to high school. In september, after 18 yrs of service I will leave the teaching industry under a disability retierment package. My pay will be cut in half, and at my age the probability of finding a income equal to what I was making now is slim, considering the unemployment picture. I have filed for a homstead act in my state in ma and want to do right for my family and want to know if chapter 7 is the route to go to get rid of my mortgage payment. I live in Ma.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Sorry if my answer was unclear.

If you surrender your house, your liability on your mortgage will be discharged in your bankruptcy.

If you want to keep your house, even in bankruptcy you must pay your mortgage
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