Dunnellon, FL asked in Bankruptcy for Florida

Q: 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?

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1 Lawyer Answer
  • Bankruptcy Lawyer
  • Deltona, FL
  • Licensed in Florida

A: 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.

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