Legal Question in Bankruptcy in Mississippi

Debts secured by more than one mortgage

You must list ALL your creditors both secured, such as mortgage holders, and unsecured. With two mortgages you probably have little equity to lose and probably all of your equity is within the exemption you are allowed to keep. See a lawyer for details.

Bankrupting 2nd mortgage only

First, you need to check the terms of your firstmortgage note. Most provide that the filing ofbankruptcy constitutes default for which the lender may foreclose. Next, unless there is no equity in the home over and above the balanceof the 1st mortgage, you will not be able to bankrupt the 2nd mortgage as that lender willapply to the court for leave from the automaticstay to foreclose its mortgage interest.

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