Expert: Terry Leeders - 2/18/2009

Question
i am looking into filing a chapter 7, i am current on my mortgage payments taxes ect. i owe 106,000 on my house and i dont think its worth a whole lot more than that. i have some judgements against me and they are showing on the house title. what are the chances of me loosing my house?

Answer
Depending on the equity and your state exemptions, it might be possible to strip off the liens if they impair your exemption rights.  If there is no equity and you are current, you can keep paying the mortgage to keep the home. Speak to a local bankruptcy attorney to review your exemptions and possible motion to avoid the judgment liens in bankruptcy.