I have 2 houses and live in 1. I am late on motorhome payments and am thinking of bankruptcy. May i keep the 2 houses?
1 Answer | Asked in Bankruptcy Law for Florida on Mar 18, 2013.
Answered On Mar 21, 2013
It depends upon the facts of your case, without more it is very hard to answer this question. The first thing you should do is determine whether you can file a chapter 7 or if you must file a chapter 13. As a general rule, you have to pay the mortgage in order to keep the asset. When you file a 7, it is as if you hand everything which is not exempt over to the trustee to sell and pay your creditors a pro-rata share. If you want to keep both homes chapter 7 may not be the way to go.