Haverhill, MA asked in Bankruptcy and Real Estate Law for Massachusetts

Q: i am a co owner of a property with a mortgage. if i apply for bankruptcy, am i still liable for the mortgage payment?

i am now disabled and cannot work. my income now after bankruptcy is 848. a month.

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2 Lawyer Answers
Robert Simonian
Robert Simonian
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Fall River, MA
  • Licensed in Massachusetts

A: If you file for chapter 7 bankruptcy you will not be liable for the mortgage payment. However, if the mortgage is not paid the mortgage company will foreclose on the property. If you are asking if you can live in the property and not pay the mortgage the answer is no. If you do not live in the property or do not want to continue living in the property and file for bankruptcy and do not pay the mortgage you will not be liable for any deficiency balance after the foreclosure but the co-debtor would be liable. I hope this answers your question.

Anna L Self agrees with this answer

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: If you file you will not have to pay it although the mortgage company could begin foreclosure proceedings and you could lose the property. Contact a legitimate bankruptcy attorney to guide you through these proceedings.

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