My girlfriend is thinking about declaring bankruptcy. We live in texas and she has a home(financed). Her car is paid off. She has about 40,000$ in unsecured debt and is no longer able to make the payments. A chapter 13 is pretty much out of the question due to a massive pay cut on her end and no extra money. The main concern is there any chance she will lose the house?
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She'll most likely be able to keep her house. Has she remained current on her mortage? Being current on the mortgage is critical. Also, how much equity does she have in the house? These factors play a critical role in the determination was to whether the creditors will attempt going after the house. For the most up to date information, consult with an experienced BK attorney in your state.Originally posted by MYST2
Good Luck!
The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation. -
I don't know anything about Texas law, whether it's different from where I live but if her house payments are current it does sound like she should be able to file a #7 but reaffirm on the house. That way she can scrap all the other debt and just owe on the house, which she wants to keep. Good luck. Sorry I am not able to give much advice but I can lend moral support because I'm going through one myself!Comment
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