My husband and I are currently in the foreclosure process on our home. As I understand it, the second mortgage will become unsecured once everything is said and done. When this happens we will need to file bankruptcy, as we can't afford the payment. Do I have to discharge all my credit card debt? What about a car loan? We own outright a truck and a boat, will they take them? What is the best option for us?
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You must list all of your creditors. You can't pick and choose. The cc debt will be discharged.
As to the truck and boat-it'll depend on their value and how much equity your state allows for exemptions.
What is your question about a car loan?
You do know you'll need to list the first mortgage onn your home as well in the bk? If you're current on that, you can't discharge the 2nd in bk and save the home.
Not enough info to know if bk is right for you or not. What's your income and family size? What state are you in and how much debt do you wish to discharge?
Many lawyers give free or low cost initial consultations. Talk with 2 or 3 and get all of your options explained. -
You don't have to file BK just because there will be a deficiency. Given your circumstances, you may just want to play the waiting game and see if the 2nd mortgage actually comes after you. (many wont).Comment
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