I have a first on my home of $200,000 and a HELOC for $20,000. The home is worth around $155,000 now. Is the HELOC considered revolving credit and unsecured because we are upside down? Will chapter 7 wipe out the HELOC? We are in California...Thanks so much!
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Chapter 7 will discharge your personal liability for the HELOC, but the lien will remain. The lien can only be removed, or "stripped", in a Chapter 13.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent! -
no, its not unsecured. after your discharge, you can try to settle for a lump sum, say 10% to remove the Lein. That is what i'm doingStopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7Comment
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Albacore, can you tell me more about that?Comment
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