2nd Mortgage and bankruptcy

[Doublecredit]

What is the name of your state (only U.S. law)? NH

I am close to filing bankruptcy. Is it true that if you have a 2nd mortgage and the house value is less than the value to support the 2nd mortgage, it is then a unsecure debit and then can be included in the bankruptcy? If yes, than bankruptcy might be the best option for me. My credit is so bad at this point I couldn't even get a loan for $4k to payoff a lease, even thought jointly my net income in $4k...

 

[Mass_Shyster]

What is the name of your state (only U.S. law)? NH

I am close to filing bankruptcy. Is it true that if you have a 2nd mortgage and the house value is less than the value to support the 2nd mortgage, it is then a unsecure debit and then can be included in the bankruptcy? If yes, than bankruptcy might be the best option for me. My credit is so bad at this point I couldn't even get a loan for $4k to payoff a lease, even thought jointly my net income in $4k...

You may be able to strip the second mortgage in a chapter 13 bankruptcy. You cannot strip a second mortgage it in a chapter 7.