Chapter 7 and Two homes

[jerle78]

I have two homes, one of which I bought recently so that my spouse could live in it while I lived in another while we were going though some marital difficulties. We're coming to a point now where we're about to file for Chap 7 to relieve ~$40k of CC debt, but our concern is now that we will lose one of the houses. Can we reaffirm both mortgages or this is unheard of? 1st home had mortgage of 140k with balance of 136k. 2nd home had mortgage of 115000 on 80/20 loan. and we've only made 4 payments on them. anyone have any ideas? It's the holidays right now so there are no lawyers that we can reach at this time in TX.

[LadynRed]

The problem is that you can only claim a homestead exemption on ONE of those homes. If you each file separately, maybe, however, your name on the deed of both would still make one house a reachable asset by the BK trustee.

[rrockinggramma]

perhaps your attorney would suggest separate filings? But like Lady n Red said, not sure how the 2 homes would look, unless you have a separation agreement registered with the court? Then it might be ok?

[aachudneymiles]

if you have---- if you can buy 2 homes.. wouldnt that be a sign that you make too much for chapter 7? Have you checked to see if you can pass the means test and so forth.

by the way hi lady n red I know you from another board debt, collection etc..