New here....

[christy2014]

Hi everyone,

I am new here and to this whole situation. I have searched and didn't find an answer to this question so please forgive me if it's been answered already. From what I can tell we will be Chapter 7. I have not filed yet because I am waiting on our tax return to be able pay the lawyer.

I am concerned because we have a credit card and an unsecured loan through Bank of America. Our home loan was bought by Bank of America a few years back. We are current on our home loan. We have not paid our cards since October 2013. Can they take our house since Bank of America owns our home loan?

Thanks in advance!

[BrokeDavis]

Hello Christy,

Welcome!!! From what I understand about chapter 7, if you are current on your mortgage payments then the trustee shouldn't be able to take it from you, basically your house will be exempt from the bankruptcy. Just keep making your payments as you have. I'm sure someone else with more experience and info will comment later on also.

[christy2014]

Thank you! I am just trying to learn as much as I can to be prepared!

[BrokeDavis]

Of course! This whole process is scary but it's doable. This community has been very informative so if you have questions, ask away. What I can tell you, make sure you meet with at least 3-4 attorneys before making a final decision. Also it helps if it's someone that solely does bankruptcies as they may be more knowledgable of the laws. Good luck with everything...

[christy2014]

Thanks for the advice and encouragement!

[despritfreya]

Christy,

Actually your question was not answered. BOA cannot take your home so long as you remain current on the mortgage. Having other debt with BOA is not relevant. However, you are in Georgia which, I believe is part of the 11th Circuit. If BOA requires this you may have to reaffirm the home loan. Discuss the reaffirming issue with a local attny.

Des.

[christy2014]

Thank you Des. I will look into the reaffirming issue. Thanks for your response!