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After filing chapter 7 & discharged, do I still need to pay my line of credit?

June 07

Q: After filing chapter 7 & discharged, do I still need to pay my line of credit?

I filled for chapter 7 and didn’t reaffirm my mortgage loan but would like to continue paying it, but I also had a line of credit against my home, am I still responsible for the line of credit or does it go away with the bankruptcy? If I’m behind on my line of credit payments, can I lose my home? It’s been 2 years, can I still reaffirm this mortgage loan? Since I didn’t reaffirm, is my home still mine?

A: Yes, the house is yours and if you would like to keep the house you will need to pay the 1st and 2nd or you will risk losing the house. To keep the house you need to keep the lien holders happy. You can lose your home if you don’t make your payments.

* You and I do not have an attorney-client relationship formed by our communications on this website. Advice given by me on this website is general advice based on partial information. You should not rely on any advice given without first hiring a lawyer in the area where the case is pending, and providing that lawyer with full information.

Answered by Morgan McCain, Mesa AZ Bankruptcy Attorney.
Re-Posted from AVVO Legal Questions and Answers.

 

Posted by on June 7, 2012 in Arizona

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