Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
I will be happy to assist you. One cannot take partial bankruptcy, so when you file you will have to include all the mortgage notes, and credit card debt. You can reaffirm the mortgage payments if you are current, meaning you can discharge the credit card debt and agree to keep the house and keep making payments to both lenders. So you would not owe any of the credit card debt but would need to keep paying on the first and second mortgage. The house is the collateral for both loans, so you either pay both or lose both.
Well that is up to you, I have clients who file bankruptcy for a lot less in credit card debt. You may want to consult with a bankruptcy attorney in your area to go over your situation in detail.