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Re: [OM] Nathan's PAD 31/1/2015: the human face of the crisis

Subject: Re: [OM] Nathan's PAD 31/1/2015: the human face of the crisis
From: Mike Gordon via olympus <olympus@xxxxxxxxxxxxxxxxx>
Date: Sun, 1 Feb 2015 17:30:17 -0500
In the US, if the loan is underwater, i.e. the loan now exceeds the value of the house and the owner gives the keys to the bank, they are STILL responsible for the balance---UNLESS they file bankruptcy under Chapter 7 for example (straight liquidation), then the debt is dischargable.

As I understand it, the debt is not dischargable under current Spanish law AFAIK, thus making a new start more difficult. Sorry, couldn't help but chime in on this non photo issue.

Married to bankruptcy attorney, Mike

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