Legal Question in Bankruptcy in Georgia

Sure you have to list them - you have to list ALL debts. There is usually no need to give any notice ahead of the filing. How will you make the payments going forward? What is the house worth? What are the loan balances? A reaffirmation is not that simple. One, the lenders have to agree. Two, the chances of reaffirming a debt that is three years behind are not good at all unless your financial situation has changed dramatically (ie, a better job). Three, a Judge likely would approve it. Four, reaffirmations are usually a horrible idea. See a Bankruptcy lawyer in your area to discuss Ch. 7, Ch. 13, and whether the second lien can be removed in either case.

First of all, do NOT file without a lawyer. Second, NEVER reaffirm mortgages. Third, depending on your numbers, if the 2nd mortgage is 100% unsecured/underwater, a good lawyer can file to strip the lien so you will only pay ONE mortgage and wipe out the second. Fourth, no matter what you do, you list all your debts and you almost never warn creditors.

Chapter 7 lien strips are rather new. Not all lawyers know how to do them (if you qualify). (You may also need to look at a 13 lien strip). I'd be very interested in the details. Feel free to email me at [email protected] or call me.

There is no way without knowing more that I can tell you what to do, but there are ways to keep a home and NOT reaffirm.