Hi,

Can someone explain some bankruptcy options for us?

We are NEVER late, we never have collectors calling but we live pay check to
pay check.

We made a bad mistake (in our opinion) and took out a 2nd mortgage to pay
off credit cards and it just seems like it was a worse option for us. Can
bankruptcy be declared on just that one loan? Since it is a 2nd mortgage,
could we loose the house? We want to pay on the house and car but this one
loan is causing us problems in getting ahead.

Thanks!

You can't file a bankruptcy on "just one loan"...you have to include all of
your secured and unsecured creditors in either a Chapter 7 or a Chapter 13
petition.

If you want to pay the house and the car, have you considered a Chapter 13
bankruptcy? Under this plan, you would pay (perhaps a portion) or your
unsecured debt in a court sponsored repayment plan. This would allow you to
keep both the house and the car.

--



*****

Rob Stumpf, Esq.

Stumpf and Ginter, Attorneys at Law
Practicing Bankruptcy in NY and NJ

visit us at www.online-law-firm.com
or email rob@online-law-firm.com


Disclaimer: No email or newsgroup communication is to be construed to
establish any sort of an attorney-client relationship, is not legal advice,
and is not a replacement for the advice of a competent attorney in your
jurisdiction.
"Brian" <brian_wolters@yahoo.com> wrote in message
news:bkna6r$3f8ck$1@ID-153628.news.uni-berlin.de... Hi, Can someone explain some bankruptcy options for us? We are NEVER late, we never have collectors calling but we live pay check
to pay check. We made a bad mistake (in our opinion) and took out a 2nd mortgage to pay off credit cards and it just seems like it was a worse option for us. Can bankruptcy be declared on just that one loan? Since it is a 2nd mortgage, could we loose the house? We want to pay on the house and car but this one loan is causing us problems in getting ahead. Thanks!

OK..I think buckling down and spending less and saving more could help us.
We really don't want to ruin our good but overextended credit.

"Robert Stumpf" <rob@online-law-firm.com> wrote in message
news:bknbf7$3j9ah$1@ID-200874.news.uni-berlin.de... You can't file a bankruptcy on "just one loan"...you have to include all
of your secured and unsecured creditors in either a Chapter 7 or a Chapter 13 petition. If you want to pay the house and the car, have you considered a Chapter 13 bankruptcy? Under this plan, you would pay (perhaps a portion) or your unsecured debt in a court sponsored repayment plan. This would allow you
to keep both the house and the car. -- ***** Rob Stumpf, Esq. Stumpf and Ginter, Attorneys at Law Practicing Bankruptcy in NY and NJ visit us at www.online-law-firm.com or email rob@online-law-firm.com Disclaimer: No email or newsgroup communication is to be construed to establish any sort of an attorney-client relationship, is not legal
advice, and is not a replacement for the advice of a competent attorney in your jurisdiction. "Brian" <brian_wolters@yahoo.com> wrote in message news:bkna6r$3f8ck$1@ID-153628.news.uni-berlin.de... Hi, Can someone explain some bankruptcy options for us? We are NEVER late, we never have collectors calling but we live pay
check to pay check. We made a bad mistake (in our opinion) and took out a 2nd mortgage to
pay off credit cards and it just seems like it was a worse option for us.
Can bankruptcy be declared on just that one loan? Since it is a 2nd
mortgage, could we loose the house? We want to pay on the house and car but this
one loan is causing us problems in getting ahead. Thanks!

It is possible that the second mortgage could be stripped off, or
treated as a general secured debt instead of a secured lien on
your house. This can only be done in a Chapter 13 bankruptcy.

I *strongly* recommend discussing this issue with a local
bankruptcy attorney. He or she can review your specific situation
and tell you how best to proceed.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


"Brian" <brian_wolters@yahoo.com> wrote in message
news:bkna6r$3f8ck$1@ID-153628.news.uni-berlin.de... Hi, Can someone explain some bankruptcy options for us? We are NEVER late, we never have collectors calling but we live
pay check to pay check. We made a bad mistake (in our opinion) and took out a 2nd
mortgage to pay off credit cards and it just seems like it was a worse option
for us. Can bankruptcy be declared on just that one loan? Since it is a 2nd
mortgage, could we loose the house? We want to pay on the house and car
but this one loan is causing us problems in getting ahead. Thanks!

I would recommend tyhat he talk to an accountant to get on a bu=get and
maybe refiancne the house and consolidate debt

"Brett Weiss" <lawyer@erols.com> wrote in message
news:QWSdnaYYhfrwwPKiXTWJlg@comcast.com... It is possible that the second mortgage could be stripped off, or treated as a general secured debt instead of a secured lien on your house. This can only be done in a Chapter 13 bankruptcy. I *strongly* recommend discussing this issue with a local bankruptcy attorney. He or she can review your specific situation and tell you how best to proceed. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Brian" <brian_wolters@yahoo.com> wrote in message news:bkna6r$3f8ck$1@ID-153628.news.uni-berlin.de... Hi, Can someone explain some bankruptcy options for us? We are NEVER late, we never have collectors calling but we live pay check to pay check. We made a bad mistake (in our opinion) and took out a 2nd mortgage to pay off credit cards and it just seems like it was a worse option for us. Can bankruptcy be declared on just that one loan? Since it is a 2nd mortgage, could we loose the house? We want to pay on the house and car but this one loan is causing us problems in getting ahead. Thanks!

We plan on refinancing the house and the loan. We talked to a mortgage
company and we can't combine the two as of yet but we do qualify for lower
interest and payments.

"Albert Andrascik" <albert.andrascik@verizon.net> wrote in message
news:W%Mbb.7492$hL1.34@nwrdny01.gnilink.net... I would recommend tyhat he talk to an accountant to get on a bu=get and maybe refiancne the house and consolidate debt "Brett Weiss" <lawyer@erols.com> wrote in message news:QWSdnaYYhfrwwPKiXTWJlg@comcast.com... It is possible that the second mortgage could be stripped off, or treated as a general secured debt instead of a secured lien on your house. This can only be done in a Chapter 13 bankruptcy. I *strongly* recommend discussing this issue with a local bankruptcy attorney. He or she can review your specific situation and tell you how best to proceed. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Brian" <brian_wolters@yahoo.com> wrote in message news:bkna6r$3f8ck$1@ID-153628.news.uni-berlin.de... Hi, Can someone explain some bankruptcy options for us? We are NEVER late, we never have collectors calling but we live pay check to pay check. We made a bad mistake (in our opinion) and took out a 2nd mortgage to pay off credit cards and it just seems like it was a worse option for us. Can bankruptcy be declared on just that one loan? Since it is a 2nd mortgage, could we loose the house? We want to pay on the house and car but this one loan is causing us problems in getting ahead. Thanks!

"Brian" <brian_wolters@yahoo.com> wrote in message news:<bkpdu3$4chh6$1@ID-153628.news.uni-berlin.de>... We plan on refinancing the house and the loan. We talked to a mortgage company and we can't combine the two as of yet but we do qualify for lower interest and payments.


IMO, don't add any debt to a mortgage that ISN'T related to the
mortgage.

Your home, in most states, is something they can't take away from you
but, if you have taken out seconds (or possibly 3rd's) to pay off
unsecured debt (ie. credit cards) it might make it easier for them to
do so.

Protect your family and your home. All else can be rebuilt later.