Legal Question in Bankruptcy in Michigan

When you say home equity loan, it depends. IF the home equity loan is your FIRST and ONLY mortgage, then there is not much we can do to eliminate it if it is your personal residence. However, if you have a FIRST mortgage and a SECOND mortgage, and the 2nd is the home equity, and your house is worth less than the first mortgage, you can do what is called a 'lien strip' by filing a Chapter 13 bankruptcy. This will strip the home of the 2nd mortgage and allow you to keep it without having to pay more than you can afford to pay any unsecured creditor in a case. There are many advantages to this, and depending on your income/expenses, you may pay pennies on the dollar back to creditors. Feel free to contact me for more information - Jesse R. Sweeney, Esq. 888-31-SWEENEY, www.sweeneylawoffices.com