River Ranch, FL Bankruptcy Law Firms & Lawyers

I am not certain of the facts you are presenting. Was there land contract entered into by both you, in which case your father is discharged but you are still liable. Really you should see an attorney, explain all of the details and get firm advise. It is cheaper to do it right the first time than to correct it later. Additionally you should be engaging your own counsel, your dad's attorney represents him, and NOT you.

Yes, when you file Chapter 13, if your primary home is appraised at below what you owe on your first mortgage, a judge can declare the second mortgage / equity line of credit unsecured and thus, eliminate it after the completion of your Chapter 13 payment plan. Keep in mind, you cannot eliminate the second mortgage in a Chapter 7 bankruptcy. A Chapter 13 is a reorganization of debt through the Federal Government and can vastly improve your situation by addressing your current debt, possibly eliminating the second mortgage of your home, and at least in my Federal District, even modify your first mortgage.