Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Is the current market value of the other house more or less than the balance - if any - on the mortgage?
1) How much equity does the home you live in have? (Equity is the market value minus the balance - if any - on the mortgage.)
2) What is the market value of the other house?
The other home is worth around 70,000
This is how a Chapter 13 works. If the debtor has non-exempt assets, such as a house with equity, the debtor can keep that property if, and only if, the debtor is able to pay the total value of the non-exempt property ($70,000 in this case) to the Bankruptcy court over the Chapter 13 period of up to 5 years. That means you would have to be able to pay at least $1166 per month to the Bankruptcy court to be able to keep the other house.
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