can i file bankruptcy on my home equity loan, but not my mortgage loan?
- Homer J. SimpsonLv 61 decade agoFavorite Answer
Bankruptcy (7, 11, or 13) will not disturb the legal status of a properly documented mortgage. The only thing that a bankruptcy might do is delay (slightly) the forclosure process if you stop paying on your HEL.
- Anonymous1 decade ago
No, you do not get to select. They both have a lien on your home. If you file Chapter 7 and liquidate all your assets and eliminate all unsecured debt, then your home would have to be sold to pay off the secured creditors for your 1st & 2nd.
If you really want to avoid all that, transfer the home equity to credit cards and file Chapter 11 about 91 days later.Source(s): Credit Manager 20+years
- 1 decade ago
Husband owns a mortgage co. If you file bankruptcy on a home equity, they could take your house. Don't do it. Good luck.
- kickinupfunfLv 61 decade ago
they would take your mortgage, house from you. Remember the laws changed last year...bankruptcy is not as easy as it used to be and they can come after you on a number to things they couldnt before. Best to contact an attorney. Save yourself a lot of grief in the long run.
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- Ace LibrarianLv 71 decade ago
You need to see a lawyer, but it is my impression that bankruptcy covers your entire financial situation. So be careful as there are many ramifications.
- 1 decade ago
can i take of my underwear without taking off my pants?
- Fleur de LisLv 71 decade ago
No, all your debts will have to be listed.
- hirebookkeeperLv 61 decade ago
I doubt it.