I own my home and am currently in excessive credit card debt. If I file bankruptcy what happens to my house and my time share? I only want to eliminate my credit card debt not loose my home or loose the money I have put in my timeshare mortgage. What kind of bankruptcy could I file that would allow me ot keep my assets?
2 Answers from Attorneys
You could file for protection under Ch. 7 and reaffirm your home and time share mortgages.
You can keep your home, you are allowed a $25,000.00 credit if you are married. If you still owe on the home more than likely you owe more than its worth. as far as the time share, it will depend on how much you owe, however there is no credit and you will have to buy back whatever pricipal you have invested over the principal amount that it is owed/worth. Contact an attorney who does BR and he will explain everything you need to know.
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