Legal Question in Bankruptcy in California

if we declare bankruptcy Chapt. 7, do we owe anything on our house we live in if we have a 1st and 2nd mortgage?


Asked on 12/09/10, 10:15 am

3 Answers from Attorneys

Asaph Abrams Law Office of Asaph Abrams

Personal liability is eliminated, however the mortgage liens will still attach to your home. You still need to pay for the house if you intend to avoid foreclosure.

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Answered on 12/14/10, 10:22 am
Brian Whitaker Lifeline Legal, LLP

If you owe considerably more on the 1st than what the house is worth, you may be able to avoid paying on the 2nd because they will not foreclose until the house is worth enough to return a substantial amount after paying off the 1st.

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Answered on 12/14/10, 10:26 am


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