If I have a reverse mortgage on my home, do I have to list that in filling for chapter 7 bankruptcy on credit card debt? 11 Answers as of August 23, 2017

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Yes, you have to list all executory contracts.
Answer Applies to: California
Replied: 8/23/2017
Stephens Gourley & Bywater | David A. Stephens
Yes, you do. You have to list all debts.
Answer Applies to: Nevada
Replied: 8/23/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
When you file bankruptcy, you are required to list EVERY DEBT. Is there something about EVERY or DEBT that does not apply to your reverse mortgage? If you fail to list EVERY DEBT in your bankruptcy case, you will be committing several criminal offenses, so unless you want to face jail time because you made a mistake, I urge you to get experienced representation. Or you are welcome to learn the hard way. Your choice!
Answer Applies to: Nevada
Replied: 8/22/2017
OlsenDaines | Rex Daines
Yes.
Answer Applies to: Oregon
Replied: 8/21/2017
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Listed as a lien on real estate.
Answer Applies to: Colorado
Replied: 8/21/2017
    Law Office of J. Thomas Black, P.C.
    Law Office of J. Thomas Black, P.C. | J. Thomas Black
    Yes, you should list it as you would any other mortgage.
    Answer Applies to: Texas
    Replied: 8/21/2017
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    You must list it, but it's not clear that you would schedule it as credit card debt. You might list it under schedule D as secured debt. Get a lawyer. It's almost always a good idea.
    Answer Applies to: Wisconsin
    Replied: 8/21/2017
    Ronald K. Nims LLC | Ronald K. Nims
    Yes, a reverse mortgage is legally a debt so it's listed in the bankruptcy. Even though it's actually the sale of your residence for a very low price. You need to have an attorney review your reverse mortgage before filing bankruptcy because the holder of the reverse mortgage probably will foreclose and take away the house, if you file a Chapter 7.
    Answer Applies to: Ohio
    Replied: 8/21/2017
    Law Office of Kimberly Fives | Kimberly Fives
    You must list ALL assets and liabilities on your bankruptcy schedules.
    Answer Applies to: California
    Replied: 8/21/2017
    Garner Law Office
    Garner Law Office | Daniel Garner
    It would be listed as a secured debt on schedule D. You cannot exclude it.
    Answer Applies to: Oregon
    Replied: 8/21/2017
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    Absolutely list it or better be prepared to have a fight with the trustee about those funds, what you did with them, the rest of the equity, if any. Be very careful.
    Answer Applies to: New Jersey
    Replied: 8/21/2017
Click to View More Answers: