Bankruptcy is of an individual or a corporation can not distinguish between creditors.
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Better consult an Attorney in your jurisdiction for the same.
Yes...those factors make no difference.
You don't file bankruptcy "on" any debt. You file bankruptcy because you can't pay your debts, and they must ALL be listed. If the house is worth less than the first mortgage payoff, the second may be crammed down in a C. 13. If the plan is not completed, it may be resurrected.
yes
That would be a good trick No if you go bankrupt all of you goes bankrupt, Unles you have freinds in high places. Can't spell and is dangerously wrong. You can only "cram down" the second mortgage in a Chapter 13, and only if there is no equity for the second to attach to. But it can be done if you meet those criteria. You don't "file bankruptcy" on a debt. You file bankruptcy and list all your debts.
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
You should file a 'proof of claim" with the bankruptcy court and take you place in line to be paid...whcih will likely be a few pennies on the dollar.
You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.