We have completed our pre-bankruptcy review and we are going to be filing for Chapter 13 bankruptcy with a 100% repayment over 5 years. However, our attorney said that we could strip our 2nd mortgage because our house is worth less than the 1st and 2nd mortgage combined. My question is this: what does stripping the second mortgage mean??? Does that mean that the amount that we owe will be included in our chapter 13 repayment?? ---- OR - does it mean that this amount is completely eliminated. I forgot to ask our attorney yesterday - but thought that someone my know the answer to this. Thanks!!
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Chapter 13 - Stripping the 2nd Mortgage??
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Originally posted by Bkq View PostWe have completed our pre-bankruptcy review and we are going to be filing for Chapter 13 bankruptcy with a 100% repayment over 5 years. However, our attorney said that we could strip our 2nd mortgage because our house is worth less than the 1st and 2nd mortgage combined. My question is this: what does stripping the second mortgage mean??? Does that mean that the amount that we owe will be included in our chapter 13 repayment?? ---- OR - does it mean that this amount is completely eliminated. I forgot to ask our attorney yesterday - but thought that someone my know the answer to this. Thanks!!
You're in a 100% payback to all secured and unsecured creditors? Ouch
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