Legal Question in Bankruptcy in Maryland

Hello. I recently filed for chapter 7 bankruptcy. It went through in February of 2011. I just got my free credit reports from all 3 agencies and they tell me my 1st, 2nd, and line of credit are all absolved due to the bankruptcy. What am I missing here? This does not make sense and I was told by my lawyer I could keep my house as long as I made payments. But these reports are telling me the slate is clean. Please advise. thanks so much!


Asked on 7/07/11, 7:19 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

The mortgage debts (like most debts) are discharged from personal liability - that means that they can't sue you for a money judgment if you default. That is what a discharge does. But the lien survives, so the lender can foreclose if you don't make the payments. You personally no longer owe the money, so it's shown as a zero balance on the credit report.

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Answered on 7/08/11, 6:44 am


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