Legal Question in Bankruptcy in Arizona
I have filed Chapter 7 with the hearing in January, 2011. We own a home with a first mortgage and a home equity credit line. The equity in the home is under water with just the first mortgage. What is likely to happen to the equity line debt? Will it be discharged?
Asked on 12/15/10, 11:05 am
1 Answer from Attorneys
L. Jed Berliner
Berliner Law Firm
An underwater home equity credit line will not be discharged in any Chapter 7 bankruptcy in most jurisdictions, although there are a very few decisions otherwise (but none in Arizona).
You really, really need to speak with an Arizona attorney about Chapter 13, where you may well discharge your wholly unsecured home equity credit line.
Answered on 12/20/10, 12:38 pm
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