Legal Question in Bankruptcy in Pennsylvania

chapter7 bankruptcy

we have a 86,ooo home equity loan(includes mortgage,credit cards, truck loan). The house is worth 45-55,ooo. we have $5,000 but want to move to florida for a job offer there. can this debt be discharged by a chapter7? Other thanthaen bad credit for 10 yrs. what other repercussions are there?


Asked on 2/14/00, 7:47 pm

1 Answer from Attorneys

Re: chapter7 bankruptcy

Secured creditors (first mortgage company, then home equity lender)are first in line for foreclosing on and selling the house. Chapter 7 bankruptcy lets you keep $5000 worth of money/property. You have to appear personally at the 341 (creditors') meeting, which won't occur for a couple/few months after you file the bankruptcy petition.

This is general information for discussion purposes. We would have to have an attorney-client relationship for me to give legal advice.

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Answered on 2/21/00, 8:58 am


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