Erasing a 2nd Mortgage in Chapter 13 Bankruptcy

The right to erase a 2nd mortgage in bankruptcy is the greatest power afforded to a debtor under the bankruptcy laws. A debtor is not allowed to touch the 1st mortgage on their home but they are allowed to erase the 2nd mortgage on their home if their house is underwater and there’s no equity attaching to the 2nd mortgage. Let me explain – let’s say your house is worth $200,000 and your 1st mortgage is $210,000 and your 2nd mortgage is $50,000. Under the bankruptcy laws, you are allowed to erase that 2nd mortgage in this example because no 

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LIFE AFTER BANKRUPTCY

Yes, there’s life after bankruptcy! If you’ve filed bankruptcy, you know it’s not the end of the world. In fact, for many people it’s the start of a brighter financial future that will help them finally reach their dreams. Almost 1 million Americans filed for bankruptcy in 2017 and received a fresh start and they are able to sleep better, focus on their work and care for their families. So what should you do after bankruptcy to improve your credit score? Pay Your Ongoing Obligations On Time                          Apply 

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The cost of NOT filing bankruptcy

Which is worse, bankruptcy or debt? The answer might not be what you think. You might be suffering from burdensome debt and looking for a solution to your financial hardship. The search may keep you up at night, disturb your sleep and reduce your ability to focus at work. You may have tried opening new credit cards, transferring debt or letting payments slide, but it only makes matters worse. People view bankruptcy like its admitting failure, something you avoid at all costs but it may be the best option and your first step toward freedom from debt. The cost of 

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Benefits of Chapter 7 bankruptcy

Chapter 7 bankruptcy erases virtually ALL of your debt except student loans.   You’ll receive a Discharge Order from a Bankruptcy Judge which will erase ALL of your credit cards, medical bills, personal loans, payday loans, and utility bills. You’ll be debt free. In 2017, almost 1 million people filed bankruptcy. It’s the quickest and most effective path to regaining financial security. I’ve perfected the process at Dunne Law Offices to get it done in 98 days from start to finish. In 98 days, you’ll be debt free. Call me for a free consultation at (215) 551 7109.

Chapter 13 (Reorganization)

In a chapter 13 case you file a “plan” showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property–especially your home and car– which might otherwise be lost, if you can make the payments which the bankruptcy law requires to be made to your creditors. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with some extra payment to get 

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