QUESTION
What chapter of bankruptcy do I file if I want to keep my house?
Asked on Oct 29th, 2012 on Bankruptcy - Georgia
More details to this question:
I want to keep my home, it just got modified, but I owe a second mortgage. I want to file bankruptcy but keep my house.
1 ANSWER
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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It depends on your situation. If you have 2 mortgages and the first mortgage is more than the value of your house, you may want to do a Chapter 13 and possibly strip the 2nd mortgage lien on the house. If the 1st mortgage is less than the value of the house, then a Chapter 7 may be a better option. The type of bankruptcy you may want to file will also depend on your total circumstances.
Answered on Nov 01st, 2012 at 4:39 PM