BK question about property (pay, creditors, income, mortgage)
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I may be filing for BK due to a defiecency judgment from second loan on house foreclosure (I now live out of state, renter) and due to A LOT of CC debt. My question is I own a piece of land. The land is almost all mortgaged out, through a farm credit. I have never defaulted on the land payment. If I file for BK is this something they could take? Thanks~
How much equity do you have in the land.... Is it used to provide you with income? Are you looking to do a Chapter 13 or 7?
If by "almost all mortgaged out" you mean that you have very little equity, the trustee will probably let you keep it... but there are many different scenarios that could play out.
To answer your question:
"If I file for BK is this something they could take?"
The one word answer is YES....
Talk to a BK attorney pronto!
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