Legal Question in Bankruptcy in Virginia

Re: bankruptcy w/ home equity loan

If there is little or no equity in your home over and above the mortgage and home equity loan, provided you remain current on both of these you should be able to keep your home. However, each person's circumstances are different, so you should consult with an experienced bankruptcy lawyer.

Re: bankruptcy w/ home equity loan

From your question I am assuming (but you know what assuming does!) that you have little or no equity in your home. I am assuming that you have two mortgages on your home, and when you subtract the two mortgages from the fair market value of the property (both home and land), that there isn't much equity left over. If this is the case, then the trustee in bankruptcy will "abandon his/her interest" in the home, and you can keep it if you keep paying on it ("Reaffirm the debt"). It doesn't matter if your dad is on the note. You can keep it whether he is on it or not. I don't know what other property you have, so I don't know what else is or isn't exempt, but it sounds like (from what you are telling me) that your home would be safe if you keep your payments current on it.

Re: bankruptcy w/ home equity loan

If you are current on the mortgage payments and there is no issue regarding equity, you may be able to keep the home. If you would like to discuss the matter in more detail, you can call me at (703) 838 9004. Tommy Andrews, Jr., Esquire