Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
We want to keep both mortgages and continue to pay.,
Thank you for your question. I am happy to assist you.
The assets that you may retain in a bankruptcy depend upon the Chapter bankruptcy you file and the state exemptions. Typically you can continue the mortgage payments.
As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.
A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets that exceed your exemption.
I hope that the information which I provided was helpful to you.