Legal Question in Bankruptcy in New York

Second Mortages

Can a second mortage by included in a bankruptcy but not the first.We'd like to keep our home,but the second mortage has a lean on our home and a guarnishment on my wages.


Asked on 1/02/07, 2:50 pm

1 Answer from Attorneys
Nancy Delain Delain Law Office, PLLC

Re: Second Mortages

You must list ALL of your debts (that decidedly includes BOTH mortgages) in any bankruptcy petition you file. Anything else is a fraud on the court and could lead to dismissal of your petition and possibly to criminal penalties (perjury). Do NOT go there.

It sounds like you're afraid you'll lose your home if you list your first mortgage. This is not necessarily true. I have carried many homeowners successfully through Chapter 7 liquidation with their home ownership intact on the other end. Carrying a home through Chapter 13 reorganization is even easier.

Hire an attorney to help you through the process. Bankruptcy is complex, and although lawyers sound expensive, we do earn our keep.

Good luck.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

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Answered on 1/02/07, 4:13 pm


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