Question About Bankruptcy Bad Credit Mortgage Loan .

Edwards Finance > Loans

Q. Can someone explain some bankruptcy options for us? We are NEVER late, we never have collectors calling but we live pay check to pay check. We made a bad mistake (in our opinion) and took out a 2nd mortgage to pay off credit cards and it just seems like it was a worse option for us. Can bankruptcy be declared on just that one loan? Since it is a 2nd mortgage, could we loose the house? We want to pay on the house and car but this one loan is causing us problems in getting ahead.

A. - nYou can't file a bankruptcy on "just one loan"...you have to include all of your secured and unsecured creditors in either a Chapter 7 or a Chapter 13 petition. If you want to pay the house and the car, have you considered a Chapter 13 bank

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