Hi. My wife and I own a house that is severely underwater. We have two mortgages on the house and owe a total of $800,000 on a house that is currently appraised at around $500,000. The first mortgage is for $550,000. Are there debt limits for a Chapter 13 bankruptcy and will we have too much debt to take advantage of bankruptcy? Also, is it OK to use a bankruptcy petition preparer in MA? Thanks.
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The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com
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