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Question about ch 7 - but I want to keep my house!

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Regular Contributor

Question about ch 7 - but I want to keep my house!

Forgive the ignorance...

 

I have 3 mortgages..(NOT YET LATE ON ANY....BUT FEAR THAT DAY WILL COME SOON!)

 

1st - 198k (WF)

2nd - 49k (Wachovia)

3rd - 39k HELOC (Wachovia)

 

cc1 - 33k

cc2 - 14k

 

No car loans... 

 

I'm swamped and over my head with debt and living paycheck to paycheck..I want to file ch 7...get rid of all unsecured debts.  Will the 2nd and 3rd be wiped out if I do ch 7?  I want to keep my house! 

 

Current property value - 265k? (my guess)....total mtgs.. - 285k 

 

Can someone with past experiences or knowledge explain to me what will happen to above?  What is this "affirm or reaffirm" that I keep seeing...?

 

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Re: Question about ch 7 - but I want to keep my house!

I am just giving my opinion and am not a lawyer. But the house is what is choking you financially so unless you are totally in love with it sell it ! even if you have to short sale it. The short sale will ding your credit a little but the BK 7 will desroy it. Then work on the credit card debt to pay it off in 2-4 years and you can get another home. Bankruptcy is no joke and it takes a toll on your mind, body and spirit !

 When in doubt talk to a BK attorney and he will advise the best route for you. 

 

Good luck !

 

 

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