I have a heloc mort and is 3 mo behind, I am ok with 1st mort. I am about to go into bk, want to keep home

Question

please let me know if I can go into a chap 7 bk and keep my home and have the heloc discharged along with my other debts, my home is worth less than what I owe on the heloc

Answer 1

It will depend on if both the HELOC and 1st are with the same institution.

Out of curiosity, what did you spend the money on? I'm guessing it wasn't home improvements. If you bought "stuff" like a computer, plasma TV, or car, sell some of it and get back in good graces instead of hoping Chapter 7 will save you. You are going to hurt your credit rating for years to come....

Answer 2

If you are not living in a mansion, chances are you'll get to keep your home even with Chap 7.  How much you'll need to pay back on HELOC will depend on the court decision.  It is best that you consult a local attorney.  

Bankruptcy stay in your credit record for 7 years.

Best wishes.