Legal Question in Bankruptcy in Texas

Home Equity or First Mortgage Debt.

I have no unsecured debt except medical, phones, utilities. All mine is a 30,000 first mortgage/home equity loan and car pymts. Basically since I have to include my assests...does this mean they can take my home...cause the whole purpose of me inquiring about this is to keep from losing my home. I want to regain my footing after my children's accident. However the house payment plus the back late fees is eating me up!! I saw nothing that assured me that I would be able to do this. So tell me...will I lose my home or still have the house payment to pay. Cause aside from house payment my debt is less then 30,000.


Asked on 7/22/02, 4:31 pm

1 Answer from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: Home Equity or First Mortgage Debt.

No! In a chapter 13 bankruptcy your house will be protected and you will restructure your past due amount and late fees. Typically a good attorney can formulate a plan to repay your mortgage debt over 3 to 5 years. Your smaller unsecured debts will be eliminated. Please feel free to contact me to personally discuss your situation. (214) 979-7330 or (800) 303-0720

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Answered on 7/22/02, 4:55 pm


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