Legal Question in Bankruptcy in Michigan

Home in good standing Vs Bad realEstate Investment.

I purchased two Houses that turned out to be a bad investment. I cannot afford the payments and they both are going to be forclosed. I own my home and Car and make the payments on time each and evey month with no problems. If I file Bankruptcy, can I keep the home that I am living in and continue to pay the payments? Or will I loose it?And will this affect any other persons that were involved in these bad investments?


Asked on 1/17/05, 7:22 pm

1 Answer from Attorneys
Jesse Sweeney Sweeney Law Offices, P.L.L.C.

Re: Home in good standing Vs Bad realEstate Investment.

If you file a Chapter 13, you can ABSOLUTELY keep your home and your car if you have enough household income to pay for these items. You can file a Chapter 7 and keep them both so long as you do not have above a certain amount of equity. Should you file either, other debtors involved in the property may be liable unless they too filed for bankruptcy protection. You can call me toll free for more info - 1-888-31-SWEENEY. I may need some more details to provide you with accurate information regarding bankruptcy and the disposition of your assets.

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Answered on 1/17/05, 9:07 pm


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