If you file chapter 7 and have a first and second on the residence, does the chapter 7 wipeout the second?
2 Answers from Attorneys
This is a very new development, that if the second mortgage is wholly unsecured, it can be regarded as an unsecured debt. It is a limited circumstance but just might be available for you. The best thing to do is to get to a qualified bankruptcy attorney quickly.
It is not automatic that the second would be "wiped out", and would only occur in very limited circumstances. You should consult with an attorney who represents debtors in bankruptcy for advice specific to your circumstances.
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