Bankruptcy -chapter 7 WILL I LOSE MY HOME ????
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Posted by Sara Howard on February 02, 2002 at 18:00:23:
My husband is filing chapter 7 bankrupycy in the state of Missouri. How will this affect our home? let me give you the stats here: -He is the only one filing
-This house is listed with my name first and him as a Co-Borower
-Bought the house in November of 2001 or one loan of $32,ooo and another loan of $10,ooo
-both loans list my name as primary borrower and him as co-borrower.
-one payment is 310.21 and the other is 171.14
-he has 2 credit cards that have outlandish balances that we have been paying on for many years and with the interest eating use alive. This is what prompted the bankruptcy.
-we can make the house payments fine with no problems.
I know on the papers we must list the house but how is it gonna affect us.
-We have no equity in the house that I can figure.
what is this reaffirmation I have heard about.
-Will we have to mail our house payments to someone different? I know we have to contact a lawyer but I first want to know as much as posible I can before we go in for our initial visit. Thanks --Sara
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