Legal Question in Bankruptcy in Texas
can you file bankruptcy against a mortgage and not loose the home
The home has a balance on the mortgage of $11,500. but the owner has no income - laid off work for two years and can't get a job. no other debts.
Asked on 8/11/10, 1:21 pm
1 Answer from Attorneys
Keith Engelke
Law Office of S. Keith Engelke
Assuming the mortgage company's paperwork is in order, Generally no. If you file, the mortgage company has a secured interest in the house. It has the right to sell the house to pay the balance of the loan. If you file bankruptcy, the mortgage company will apply to the court for permission to foreclose its loan which the court is likely to grant.
You really need to contact a bankruptcy attorney to review the mortgage company's paperwork and to assist you with your options.
Answered on 8/16/10, 2:02 pm
Related Questions & Answers
-
If I sign over 2 vehicles to my wife today in anticipation of filing personal... Asked 8/08/10, 7:26 am in United States Texas Bankruptcy Law
-
I recently filed ch 7pro se and i have realized i left some creditors off... Asked 8/01/10, 5:51 pm in United States Texas Bankruptcy Law
-
My husband and I live in TX, in January he suffered a Heart Attack and didnt have... Asked 7/29/10, 1:33 pm in United States Texas Bankruptcy Law
-
Can a spouse file for bankruptcy on their own without effecting the other one? Asked 7/28/10, 3:37 pm in United States Texas Bankruptcy Law