Legal Question in Bankruptcy in Pennsylvania

Re: Bankruptcy and mortgages

You have to include all your debts. If you want to try keep your house, you will have to continue to pay the first and second mortgages. You only can exempt so much in assets in a Chapter 7 bankruptcy, however, so the amount of equity you have is a signficant variable. Whether to reaffirm a debt is another issue that points up the need for legal advice in considering bankruptcy. This answer is general information for discussion purposes and is not legal advice.