The Law Office of Andrew Magdy
Saint Louis Bankruptcy

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Everything You Need To Know About Bankruptcy In Saint Louis

Posts tagged Mortgage
Lien Stripping – Remove Your Second Mortgage by Filing a Chapter 13 Bankruptcy

One of the major advantages to filing a Chapter 13 Bankruptcy is that you may be able to “strip” your second mortgage. This means that in your Chapter 13 Bankruptcy you may be able to convert your second mortgage to unsecured debt and when you complete your Chapter 13 Bankruptcy and receive your discharge your second mortgage will be complete eliminated! This could save you tens of thousands of dollars!   

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Should I Reaffirm My Mortgage in a Chapter 7 Bankruptcy?

When you reaffirm the debt, you are telling the creditor and the Bankruptcy Court that you will continue to honor the mortgage and be legally liable for that debt. If you are unable to pay in the future, your home may be foreclosed. Additionally, if you live in a recourse state, the creditor may seek recovery against you if the home sells for less than is owed against it.

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