Homeowners Can No Longer Strip Second Mortgage in Bankruptcy

Bankruptcy can help anyone who is overwhelmed by debt they can’t pay and needs a fresh start. Of course, there are negative consequences to filing bankruptcy, but in most cases the pros outweigh the cons and it may be the only option for those who have too much debt. A recent ruling by the Supreme Court says that bankruptcy can no longer strip a second mortgage in bankruptcy. This may make your bankruptcy case even more confusing and difficult. Attorney James B Day can help.

What Does This Mean For Me?

If you have or are filing bankruptcy and have a second mortgage, this ruling will affect you and your case. In the past, the second mortgage has been considered an unsecured debt, but the new ruling states that it is a secured debt and will still need to be repaid by the homeowner. That means it cannot fall off and go unpaid with a bankruptcy and will be treated as other types of secured debt.

How Can An Attorney Help Me?

If you have filed bankruptcy and are confused about the ruling or wonder if it applies to you, your attorney can help explain it and help you make your next move. Your bankruptcy attorney can help you with all your bankruptcy needs and can walk you through the entire process. Don’t try to deal with such a confusing situation alone. Let James B Day help you.

Call James B Day For All Your Bankruptcy Needs

If you are living in Florida and want to file bankruptcy, call the experienced bankruptcy lawyer James B Day today. You don’t have to struggle with debt or face bankruptcy alone. Call 314-786-1218 today.