Q: I own a home in Ca &one Tx. I have 30k in debt I cant pay.Can I be forced to sell one of my homes by not paying my bills
I am considering BK 7. Or possibly just stop paying the bills as it would save me 1000 per month. I am on a fixed income now. The homes are being rented out. I'm aware of the homestead law. If I were to homestead, I would protect the home in California. The home in Tx is about a year old, new construction. Possibly 20k in equity but its hard to tell. I would like to know what option would be best to save the 1000 monthly and possibly keep both homes. BK 7 or just stop paying the credit card bills. Thank you so much for your help.
A: Homestead laws only apply when you reside in the property. You indicated the homes are being rented out, so you might not have this exemption. You should speak to a local bankruptcy attorney that can more accurately analyze the situation.
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