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A "home equity line of credit" or "HELOC", is a junior or subordinate mortgage and lien to a primary. That means it has secondary or lesser priority than the first mortgage, but, it is still tied to the property. The Chapter 7 bankruptcy terminates your liability on the primary and the HELOC.
In Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of your debts. At the same time, the trustee might also sell (liquidate) some of your property to repay your creditors.
As mentioned above, all borrowers must wait least two years after the discharge date of a Chapter 7 Bankruptcy. The discharge date should not be confused with the date bankruptcy was filed. As with Chapter 13 bankruptcy, FHA regulations demand a full explanation to be submitted with the FHA home loan application.
A home equity loan is different from a HELOC; it is a loan received in full, up front and paid back by fixed, scheduled payments. The HELOC in a Chapter 7 Bankruptcy In a Chapter 7 bankruptcy, the bankruptcy trustee liquidates unsecured assets to pay creditors.
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Unlike Chapter 13 bankruptcy, Chapter 7 bankruptcy poses a substantial risk that you will lose your home because Chapter 7 does not eliminate the mortgage lender’s lien on your house.
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When you entered the loan contract, the lender created a lien on the property by taking the home as collateral to secure payment of the loan. If you don’t pay your mortgage, the lender can enforce its lien by foreclosing on the house. It’s the lien that makes the mortgage a secured debt. Even though your Chapter 7 discharge wipes out your obligation to pay back the loan, it doesn’t eliminate the mortgage lien.
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If your debt includes a home equity line of credit, and the court discharges that HELOC, you may still have to deal with the lender’s claim on your home. Bankruptcy Terms In a chapter 7 bankruptcy, you petition for protection against creditors from a bankruptcy court, which at the end of the process will discharge your eligible debts.