Secured debt question
November 16th, 2009 by Questions
We have two secured credit lines ($41K owing) and a loan (10 months left to pay) with my bank who also holds our mortgage. We have little equity in the house and we want to keep the house if at all possible. All payments are up to date and have never been missed. My question is, how are the secured debt payments handled in bankruptcy? Right now interest alone is $250 on the credit lines. Is interest stopped or reduced? A smaller payment made? I don`t understand how this part works.
I appreciate your help.
Posted from: New Brunswick