Mortgages certainly are a hot button issue with over 2 million homeowners left needing protection from foreclosure in 2009. So, how is your home equity line treated in a Missouri or Illinios Chapter 7 bankruptcy?
A home equity line is usually considered the same as a second or third mortgage. Mortgages are secured debts that are tied to your house, and if you don't pay them, you could be left needing protection from foreclosure. In a Missouri or Illinois Chapter 7 bankruptcy, almost any debt can be discharged unless it is tied to property that you wish to keep. You cannot discharge a home equity line in a Missouri or Illinois bankruptcy if it is connected to property you intend to keep.
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Luckily, a Missouri or Illinois bankruptcy lawyer has a different way to help those intending to keep their homes. Your back payments will be put into your plan while you continue to make your payments and stay current with a Missouri or Illinois chapter 13 bankruptcy. And, in some instances, if you owe more than the home is worth, you may be able to strip the loan and discharge the debt completely. You would be well-advised to contact a St. Louis Missouri or Fairview Heights Illinois bankruptcy attorney who can help you determine the best course of action to take with your home equity line.
The many options that can be considered for a home equity line is yet another indicator that the bankruptcy code was truly designed to help the average American as much as possible. You will have an easier time getting the exact results you need from a Chapter 7 bankruptcy by finding a Missouri or Illinois bankruptcy attorney who knows all the ins and outs of the bankruptcy code. The writers of the bankruptcy code made it so that help is available in almost every scenario you can imagine. However, only an experienced Missouri or Illinois bankruptcy lawyer can truly help you find the perfect solution to your financial situation.
How do you know if you've found an attorney that has all the experience you need to have a successful bankruptcy? Find an attorney with positive reviews, membership in many bankruptcy associations, and loads of free information available to anyone who visits his or her website. Most attorneys offer free consultations but the best attorneys are willing to educate you with extensive bankruptcy FAQ, free articles and blogs, and even free publications before you set foot in his or her office.
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