Legal Question in Bankruptcy in Maryland

Re: mobile home

If there is no equity in the mobile home and you keep up the payments, it cannot be taken from you if you file bankruptcy.

Re: mobile home

If you file a bankruptcy, the bankruptcy trustee will only sell your property if it will result in a substantial payout to your creditors. Because it has no equity, there would be no reason to sell it. However, your question is "can our home be taken from us?" and the answer is yes, if you do not make your payments in a timely fashion. If you file a bankruptcy and you do not "reaffirm" your agreement with your lender, then you have an "at will" relationship with them - meaning that your debt has been discharged and you no longer have an obligation to pay - however, if you want to keep the home you must keep paying. Part of that "at will" relationshiop means that they could stop sending you monthly statements and it would be your responsibility to make sure you pay on time. They typically won't do you any favors, either, like putting a payment at the end of the loan if you get yourself in a bind. I understand that you are intending to keep making the payments - just make sure you make those payments timely! :-)

Carolyn G. Krohn

60 West Street, Suite 220

Annapolis, Maryland 21401

(410)280-5000

Re: mobile home

You say your debts are joint but you do not mention the title to the mobile home. Payments must be kept timely if it is to be maintained no matter how it is titled. A judgment can issue and attach to any equity that you have or for seizure of the asset. (410) 619-5918