Posted on: 27th Jul, 2010 10:14 am
If someone owns 2 homes, 1 in TN and then the 1 in Maine has been for Sale for over a year, but a relative is renting that house which pays the mortgage.
Can they still go chapter 7 and keep both homes?
Can they still go chapter 7 and keep both homes?
Your relative will have to list the properties as their assets when they file bankruptcy. However, it's not mandatory for them to include the property in the bankruptcy filing. In case, your relative includes the property in the bankruptcy filing, he or she can reaffirm the mortgages and keep both the homes.