Legal Question in Bankruptcy in Ohio
I'm facing a foreclosure because I'm unable to make my payments on my second mortgage. Can I fill bankruptcy on the second only, and will it eliminate the debt or will I still owe the balance when and if I sell the home in a few years.
Asked on 10/10/09, 4:00 pm
1 Answer from Attorneys
David Michael Benson
Benson Law Firm
You cannot pick and choose which property you include in a bankruptcy estate. All property is included. However, you are entitled to a homestead exemption for a significant portion of any equity in the home and, if your house is worth less than your first mortgage, you may be able to strip the second mortgage entirely. If you are located in Northern Ohio, call 216-241-2510 to set up a free consultation.
Answered on 10/12/09, 10:48 am
Related Questions & Answers
-
How much dose it schould it cost to file chapter 7 bankruptcy in cleveland ohio Asked 10/07/09, 6:46 pm in United States Ohio Bankruptcy Law
-
If you have a lawsuit stopping you from getting your license and you were not... Asked 10/07/09, 2:33 pm in United States Ohio Bankruptcy Law
-
My and husband and I decided in August that we need to file Bankrupcty. We seen 3... Asked 10/07/09, 10:36 am in United States Ohio Bankruptcy Law
-
How do i get representation on a chapter 13 bankruptcy Asked 10/05/09, 6:01 pm in United States Ohio Bankruptcy Law
-
Can your home and businesses be taken away by a civil suit judgement that results in... Asked 10/05/09, 1:11 pm in United States Ohio Bankruptcy Law