If I file chapter 7, what happens with a equity line of credit on the house ? I have a 80/20 mortgage loan and the 20 is the equity line.
Thank you
Thank you
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depends on your states homestead exemption, if it is your primary residenceFiled Aug 28 2009
341 Oct 2 2009-Asset Case
Discharged Dec 16 2009
Waiting for tax return and asset buy back to close -
I believe, since it is a line of credit, it would be closed down as to withdrawal. At this time, if you are planning any action towards bk, DO NOT USE IT. This will be looked at very closely. My opinion. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
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If it has a Balance, then it would be a secured loan against your home.
If it has a zero balance, you still need to list it or request it to be closed.Comment
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