Under certain conditions, a Chapter 13 Bankruptcy could eliminate your second and third mortgages– even if you have recently filed Chapter 7!

How does it work?

As an example, let’s say you have a home that is worth $100,000 with a first mortgage of more than $100,000.  If you also have a second mortgage of any amount, this second mortgage can be “stripped off” in a Chapter 13 Bankruptcy. This means it would ultimately be discharged as an unsecured debt. By making affordable monthly Chapter 13 plan payments for three to five years, you could eliminate a second mortgage of a much longer duration.

If you have questions, please call 651-704-9600 for a free consultation.