Legal Question in Bankruptcy in California
Bankruptcy
Can you file bankruptcy on just a 2nd morgage and keep your 1st?
Asked on 3/09/08, 10:47 am
1 Answer from Attorneys
Brian Whitaker
Lifeline Legal, LLP
Re: Bankruptcy
No
1 - All debts must be listed when you file BK.
2 - All dischargeable debts (including mortgages) will be discharged. However, the liens remain ... so if you want to keep the property, you must generally keep up the payments.
3 - In Chapter 13, it is possible to "strip" that second lien if it is wholly unsecured, ie., the house isn't worth what you owe on the first.
Answered on 3/10/08, 4:02 am
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