If my husband and I both own homes in our respective names and I want to file bankruptcy, what will happen?
Question Details: Will I lose my home?
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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