Expert: Terry Leeders - 5/22/2010

Question
Hi there, I'm thinking of filing bankruptcy. I have been doing a lot of research but can't find an exact answer to two questions I have?? First, is ALL personal property protected under a chapter 13 bankruptcy...meaning all items I own, not just cars and property?? Second, will a second mortgage on a house that has already been foreclosed on in 2008 be discharged in a chapter 13?? I live in California. Thank you so much for your help

Answer
Yes, your chapter 13 plan will pay back enough of the unsecured debt to protect all assets.
Also, if there is a deficiency balance on the 2nd mortgage, that can be paid along with the unsecured creditors based on your unsecured debt repayment rate. Good luck.