Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
- Spousal and child support
- Debts arising out of willful or malicious misconduct
- Liability from driving while intoxicated
- Debts from a prior bankruptcy
- Student loans
- Criminal fines and penalties
Those debts which are secured will be discharged, however, expect the creditor to take the necessary legal steps to take back the property. In most cases if the debtor's equity interest in the property is exempt, the debtor may retain the property by redemption or reaffirmation.
This information deals with Chapter 7 consumer bankruptcy. Each state has its own bankruptcy laws so you need to check with your state for details. Information dealing with Chapter 13 bankruptcy and consumer debt restructuring is not discussed in the above FAQs. The information contained in the following FAQs is provided for general information purposes only and is not intended to be a legal opinion nor legal advice nor is it intended to be a complete discussion of all the issues related to the area of Chapter 7 consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice regarding specific information.
- What To Do When Mortgages Default
- Short Selling a Rental Property
- What Lenders Don't Reveal About Home Equity Loans
- Home Equity Loans for People with Bad Credit
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Second Mortgages: Advantages and Disadvantages
- Alternatives to Getting a 2nd Mortgage
- How to Get Approved for an FHA Loan despite Bad Credit
- Should You Refinance? Make Sure the Timing is Right