Bankruptcy filings are different for each individual, so a specific answer is not possible. In an average bankruptcy filing the person keeps the home and at least one vehicle, and generally all personal and household items. The reason is the average consumer can protect the majority if not all of their property by using the allowable exemptions wisely. The main factor is whether the filer is able to use the federal, state or a combination of bankruptcy exemptions. When new BK reform becomes law in October, 2005, it will be extremely difficult to file any type of personal bankruptcy other than a Chapter 13. It is advisable to discuss your personal situation with a qualified bankruptcy attorney, most will offer free or minimal fee consultations. In the event of your bankruptcy, any interest you have in your house will automatically fall into the bankruptcy. However, if there is very little or no equity in the property it is unlikely that you will lose your home. The Official Receiver will usually try and reach an agreement whereby the interest in the property is transferred to your spouse or a third party for the cost of the legal fees. More information is available on the Insolvency Service website.
You don't file bankruptcy "on" anything. You file bankruptcy to get the protections bankruptcy offers. If there is no equity in the rental house and you surrender it to the creditor, you will be able to keep your (presumably different) home if it is up to date on mortgage payments, or if you file a Chapter 13 with a Plan that includes becoming current.
You can't file bankruptcy "on" any asset. You file for bankruptcy, listing all your assets and debts, to discharge all dischargeable debts. You can surrender an asset such as a second house and get a discharge on any unpaid amount due on a mortgage, while reaffirming the mortgage(s) on the first house.
Bankruptcy is governed by federal law and must be filed in a United States Bankruptcy Court. While individuals may file without an attorney, corporations and partnerships mustbe represented by an attorney. You need to consult with and hire an attorney who specializes in bankruptcy and who has a good reputation.
You may, provided you do not list it in the bankruptcy, you file chapter 13 reorginization, or if you reaffirm with the mortgage holder. That is a dangerous answer. You must list all assets, including your house, in a bankruptcy. You can keep the house if you reaffirm the mortgages and other debts secured by the house in a Chapter 7 and you are not in arrears on the mortgages, or you file a Chapter 13 to get caught up on the secured debt arrears.
You can but three things can happen depending on which type of bankruptcy you file. 1. You can either include the home in the bankruptcy and move out. 2. You can declare the house and exclude it from the bankruptcy and continue paying the mortgage. 3. You can include it in your bankruptcy and work out a payment plan with the court to continue paying the mortgage. The short answer is 'yes' you can file a bankruptcy and own a home.
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
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