If my husband and I both own homes in our respective names and I want to file bankruptcy, what will happen?

Will I lose my home?

Asked on September 28, 2014 under Bankruptcy Law, South Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

You could potentially lose your home, if

1) you file chapter 7 bankrtupcy, instead of chapter 13; and either

2a) you own the home outright (no mortgage), or

2b) there  is a mortgage, but you fail to reaffirm it and make payments (even when you file bankruptcy, you have to pay your mortgage or the home could be foreclosed upon--though the lender woud unable to also sue you for any remaining balance of the loan).

However, it's only a *potential* to lose the home. Other factors, like the value of the home, the amount of debt, the value of other assets, etc. all factors in. Bankruptcy is a very complicated topic; you are advised to consult with a bankruptcy attorney before doing anything.


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