QUESTION
Do I need to include my home mortgage if I file bankruptcy?
Asked on Jun 23rd, 2012 on Bankruptcy - Michigan
More details to this question:
If I file bankruptcy, do I need to include my home mortage payment?I feel my credit card debt might be out of control.
18 ANSWERS
William C. Gosnell
Yes.
Answered on May 29th, 2013 at 2:53 AM
Burton J. Green
Yes. All your creditors, including the mortgage lender, have to be included. You also have to include your home on your schedule. It is probably exempt as a homestead if you are living in at when you file.
Answered on Jul 10th, 2012 at 3:24 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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When filing for bankruptcy, you are required to disclose all your debts and assets, including your mortgage. However, you can elect to reaffirm your mortgage and continue to make payments on the debt so that you can remain in possession of your property.
Answered on Jul 09th, 2012 at 2:24 PM
The notion of including or not including a debt in a bankruptcy is not a meaningful concept, except that it is absolutely required that all debts of the person filing bankruptcy be listed on the bankruptcy forms, no matter what. It is fraud to do otherwise. The real question is how the debt is treated. In California, there is no personal liability for a first mortgage. The only thing the bank can do to you is take back the home. Unlike with a car, it doesn't matter what happens after the foreclosure. You lose the house and that is the end of the story. A bankruptcy does not change that. Similarly, nothing about a bankruptcy forces you to give up your home. Unless you have more home equity than you are allowed to keep, if you want to keep the home, just keep making the payments. It is that simple. If the house is under water, that may not be in your best interests, but it is allowed regardless. If you think your credit card debt is out of control, it probably is. Go see a bankruptcy lawyer as soon as you can.
Answered on Jul 06th, 2012 at 8:02 PM
Yes, you must include your home mortgage when you file bankruptcy. However, if you want to keep the home, you simply reaffirm the debt. That means you intend to retain the property and continue to make payments. The same thing applies to your car. Just make sure you notify the lender and don't miss payments.
Answered on Jul 06th, 2012 at 3:52 PM
Daniel James Wilson
You must list all assets and all debt, so yes, you must include your house in your schedules.
Answered on Jul 06th, 2012 at 3:36 PM
Bankruptcy Attorney serving Washington, DC
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Law Offices of Diann C. Moseley
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Yes, you must include your mortgage loan. Under penalties of perjury, you are required to include all creditors you owe.
Answered on Jul 06th, 2012 at 3:32 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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The law requires that you list 100% of all your debts and 100% of all your assets. No exception. If you want to keep you home, then just keep paying for it. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Jul 06th, 2012 at 3:24 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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You must tell the bankruptcy court of all debts. You can reaffirm the mortgage and continue paying the debt or the loan company will ask the court for permission to foreclose on the property.
Answered on Jul 06th, 2012 at 3:22 PM
Glen Edward Ashman
Omitting your home and mortgage is a crime, punishable by a $250,000 fine and 5 years in prison. Get a lawyer. In many cases a lawyer can structure a filing that protects a home.
Answered on Jul 06th, 2012 at 3:22 PM
Civil Rights Attorney serving Fresno, CA
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Law Office of Kevin G. Little
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In a bankruptcy you are supposed to list all of your assets and liabilities, including your home and any mortgage on it. An intentional failure to list any assets or liabilities could result in your petition being dismissed.
Answered on Jul 06th, 2012 at 3:12 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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When you file bankruptcy you must list all that you owe and all that you own. If you plan to keep the home you must pay the mortgage. You can read about chapter 7 bankruptcy in a pamphlet at my website. You can also take the online means test calculator to find out if you can file a chapter 7 bankruptcy. Do an internet search for online means test calculator.
Answered on Jul 06th, 2012 at 2:15 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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When you file bankruptcy you include all assets and all debts. If you are keeping your home continue to make payments.
Answered on Jul 06th, 2012 at 2:12 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You will have to disclose all of your assets and liabilities, but that does not mean that you have to lose your home. Without a great deal more information it is impossible to give you advise which you should rely on. You should counsel with a bankruptcy attorney about your options and the good and bad effects of each of them.
Answered on Jul 06th, 2012 at 2:00 PM
Consumer Bankruptcy Attorney serving Worcester, MA
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Law Offices of James Wingfield
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You must always include all of your debts on schedules D-F, and all of your expenses on schedule J. Accordingly, your total mortgage debt must be listed (and notice must be given to the mortgagee) and your monthly payment must be disclosed. This is true even if you are up to date on your mortgage payments and have every intention of keeping your house. In addition you must list your monthly payments to your mortgagee for the past 3 months in your Statement of Financial Affairs and must indicate your intention with regard to the mortgage. Keep in mind that you will still be required to make your monthly mortgage payments during the pendency of the bankruptcy case, and after the discharge if you want to keep the house. Only your personal liability under the mortgage will be discharged.
Answered on Jul 06th, 2012 at 2:00 PM
You are required to disclose all your assets and liabilities, including a mortgage obligation.
Answered on Jul 06th, 2012 at 1:59 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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Yes, you must list your home mortgage. However, you can keep your home if you continue to make the monthly payments. I suggest you consult with a bankruptcy attorney to discuss the details of your situation.
Answered on Jul 06th, 2012 at 1:57 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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All debts must be listed although you may reaffirm a mortgage debt and keep it.
Answered on Jul 06th, 2012 at 1:55 PM