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How to Deal with a Second Mortgage or HELOC – Try Avoiding it in a Chapter 13 Bankruptcy
With home values precipitously dropping over the past few years, many people find that their houses are underwater – owing more on the house than the house is actually worth. Add to this the reality that many people are straddled with more than one mortgage with the addition of a second mortgage or a home-equity line of…
Read MoreWill I Lose My House If I File Bankruptcy?
The Short Answer: Most Likely Not. If you file bankruptcy, you are allowed to use “exemptions” or laws that protect property. For your home, you are allowed to take a “homestead exemption.” The homestead exemption allows an individual to protect $40,000 in equity in a house, or a married couple filing together to protect $50,000. For example, if…
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