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

UPDATED: Sep 28, 2014

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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