Legal Question in Bankruptcy in California

2nd line of credit

My wife and I are filing chapter 7,

keeping our house. 1st and 2nd

mortgage is more than its value. Will

the 2nd be discharged because of value

vs. debt.


Asked on 2/21/09, 11:09 am

3 Answers from Attorneys
Charles Shamash Caceres & Shamash, LLP

Re: 2nd line of credit

While the personal liability will be discharged, the lien survives. You may want to see if you are able to do a 13 and strip the lien.

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Answered on 2/21/09, 11:13 am
Charles Shamash Caceres & Shamash, LLP

Re: 2nd line of credit

While the personal liability will be discharged, the lien survives. You may want to see if you are able to do a 13 and strip the lien.

Read more
Answered on 2/21/09, 11:13 am
Carl Starrett Law Offices of Carl H. Starrett II

Re: 2nd line of credit

Removing a second mortgage is only possible in a Chapter 13 bankruptcy. The value of your home must be less than the value of your first mortgage.

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Answered on 2/21/09, 12:10 pm


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