Legal Question in Credit and Debt Law in Michigan

what can happen if I walk away from property

I am in a mobile home that I have not been able to sell after purchasing my new home. if I walk away from it I know I can file bankruptcy on it but if I dont file and they foreclose what could this mortgage company do to me and if i File bankruptcy can I keep my new home by re affirming the debt will they take away my new home too even if I keep making the payment on it do i have to file on my cars also and what are the laws regarding credit card debts that are 6 and 1/2 years old can I still file on those or have the laws changed regarding credit debt do I have to now make payment arangements on those or will they discharge that debt also if I qualify to file. I have a total of $50,000.00 worth of bad debt that i want to file on and a total of $90,000 worth of good debt to reaffirm with an income of about $55,000 per year what should I do.


Asked on 6/26/06, 8:43 pm

1 Answer from Attorneys
Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: what can happen if I walk away from property

The questions you are asking are too complex for an on-line answer. You really need a consultation with an experienced bankruptcy attorney. I can tell you that when you file for bankruptcy, you need to include all of your debts. You cannot treat unsecured creditors unequally. It is possible to reaffirm secured debts.

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Answered on 6/27/06, 9:27 am


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