I have two homes. One is worth $410,000 (that I am renting $1500/month) and one that is worth $500,000 that I am living in now. I also have 6 credit cards (owe $45,000 on them), a car (owe $30,000). Can I file for bankruptcy under chapter 7, but sign something that says that I will pay the monthly payments on the home I am living in, but try to erase all the other debts? I am knew to this, so my suggestion may be way off?
2007-06-30 10:20:35 · 3 answers · asked by jason4three 1 in Business & Finance ➔ Credit
If you have equity in your home, then you may have a hard time filing a Chapter 7 Bankruptcy and still be allowed to keep your home. If there is equity in the home, the trustee will most likely sell your home to get the equity out of your home in order to pay some of your debts under a Chapter 7 Bankruptcy. However, if there is very little to no equity in the home there is a good chance that you will be able to re-affirm your house and keep it out of the bankruptcy if that is what you desire.
2007-06-30 10:31:11 · answer #1 · answered by dzwreck 4 · 1⤊ 0⤋
You have 2 homes worth close to 1 million dollars and you want to claim bankruptcy? Why don't you sell one of the houses (or both if you need to) and pay off your debt?
2007-06-30 20:28:09 · answer #2 · answered by dee2zo 3 · 0⤊ 0⤋
I agree with the previous responses.
But, it's not up to you to decide. The judge will.
2007-07-01 15:51:13 · answer #3 · answered by jdkilp 7 · 0⤊ 0⤋