How does a bankruptcy affect a second mortgage or equity loan?

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How does a bankruptcy affect a second mortgage or equity loan? | The Golden Law Group | Helping Residents & Businesses Get Financial Stability | (813) 413-8700 | http://BrandonLawyer.com | 808 Oakfield Drive, Ste A, Brandon, Florida 33511 | 9040 Town Center Pkwy, Bradenton, Florida 34202

If you file a Chapter 7 case and you want to keep your home you’ll also have to continue to make payments on your equity loan or second mortgage. However, if you’re filing Chapter 13 and the home is worth less than what you owe on the first mortgage, then it is possible to strip the second mortgage, make that an unsecured debt and discharge it in your Chapter 13.

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