I'm facing a foreclosure because I'm unable to make my payments on my second mortgage. Can I fill bankruptcy on the second only, and will it eliminate the debt or will I still owe the balance when and if I sell the home in a few years.
Asked on 10/10/09, 4:00 pm
1 Answer from Attorneys
David Michael Benson
Benson Law Firm
You cannot pick and choose which property you include in a bankruptcy estate. All property is included. However, you are entitled to a homestead exemption for a significant portion of any equity in the home and, if your house is worth less than your first mortgage, you may be able to strip the second mortgage entirely. If you are located in Northern Ohio, call 216-241-2510 to set up a free consultation.
Answered on 10/12/09, 10:48 am
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