Consumption and Real Estate
can i file bankruptcy on my home equity loan, but not my mortgage loan?
Question : can i file bankruptcy on my home equity loan, but not my mortgage loan?
bankruptcy equity home loan
Best answer:
Answer by willhemina31
No, all your debts will have to be listed.
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#2 written by kickinupfunf 1 year ago
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#3 written by Greg 1 year ago
No, you do not get to select. They both have a lien on your home. If you file Chapter 7 and liquidate all your assets and eliminate all unsecured debt, then your home would have to be sold to pay off the secured creditors for your 1st & 2nd.
If you really want to avoid all that, transfer the home equity to credit cards and file Chapter 11 about 91 days later.
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Bankruptcy (7, 11, or 13) will not disturb the legal status of a properly documented mortgage. The only thing that a bankruptcy might do is delay (slightly) the forclosure process if you stop paying on your HEL.