I WAS SELLING MY HOUSE AND FOUND OUT I HAD A LEIN ON IT FROM A PREVIOUS LOAN, IT WAS 2,000 LOAN NOW THEY WANT 30,000 CAN I BANKRUPT ON this

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I WAS SELLING MY HOUSE AND FOUND OUT I HAD A LEIN ON IT FROM A PREVIOUS LOAN, IT WAS 2,000 LOAN NOW THEY WANT 30,000 CAN I BANKRUPT ON this

i been trying to work on making arraingements to pay but they wont work with me, cqan you give me any advice thankyou

Asked on June 23, 2009 under Bankruptcy Law, Kentucky

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area.  How did 2K turn into 30K?  I suggest speaking to a lawyer to determine whether you can compromise the amount of the debt owed to the lender and use some of the proceeds from your home to pay the debt.  If you cannot deal with them using a lawyer, dont sell the house and file BK.  Or you can sell the house and declare BK since the lender is going to put you into BK if they chase the debt.


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