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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My son is claiming bankrupty and I told him to put his house

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My son is claiming bankrupty and I told him to put his house on the bankrupty claim so he wont owe anything and be free of his mortage is this true. He was told not to put his house on the claim because if he did and the bank would sell his house for lesser amount than he paid or owes he would be responsable for the amount that the bank did not get,what should he do? thjank you

Hi JACustomer,

1) Will your son be filing a Chapter 7 or a Chapter 13 Bankruptcy?

2) How many mortgages are on your son's house?

Customer: replied 6 years ago.
I talked to him and he wants to know if he should short sell the home or wrap it into the bankruptsy. he is clsiming chaptsesr 13. thank you

If the house is included in the Bankruptcy, he will not be responsible for the bank's short fall if the house is sold in a short sale. Whether or not there will be a short sale, the mortgage is supposed to be included in the Bankruptcy petition, as all debts are supposed to be included.

I think this is what you wanted to know. If not, please let me know.
Thank you!

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