Legal Question in Bankruptcy in Minnesota

In a bankruptcy, you must list all of your assets and all of your creditors. What is done with your second mortgage depends on the facts of your case. You can surrender the property, or retain and pay the second mortgage, and under some circumstances and some jurisdictions the second mortgage can be "stripped" if it is wholly unsecured.

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You have to list both mortgages. In bankruptcy you have to list all your assets and all your debts. Being bankrupt is like being pregnant. You can't just be a little bankrupt. It's a total commitment.

If you want to keep your house, however, all you would ordinarily need to do is keep making the payments on both mortgages. Most of my clients are able to keep their houses. As long as you pay, they don't foreclose.

This is for general information purposes and does not create an attorney-client relationship. You should seek the advice of the attorney of your choice.