My husband and I purchased a new home almost two years ago with the understanding that our real estate agent at the time could sell our other home in 45 days. Needless to day almost two years later we have not sold that home and are now over 50,000 in credit card debt due to cash advances to make 3 mortgage payments and general living expenses.

We are in the process of short sale which has been a long drawn out process and we are now behind on the mortgage on our 2nd property and will soon face the possibility of foreclosure. The current real estate agent is telling us that we are at the mercy of both mortgage holders. We are thinking of filing for bankruptcy which would include our 2nd home currently on the market and empty as well as all credit cards which total over $55,000. Would chapter 7 or 13 be the right choice for us?

We are in the process of finding a bankruptcy lawyer here in MO. Would filing bankruptcy on our empty home and credit cards affect our primary residence which we want to keep out of bankruptcy. We are not late on this mortgage.

Thanks for any advice you have.

There are forms of bankruptcy that would allow you to keep your primary residence. Your attorney can discuss with you what would be the best move.

1. You are not going to keep anything out of the bankrutpcy as far as them reviewing it, your primary home that you want to keep, they will review the equity you have in it, and to be sure that it can be exempt. Also you will have to re-affirm that debt with the lender.

But basically the way that chapter 13 is addressed now and the changes the last few years, I would say that the 7 may be best, but sit down with the attorney your income, other things you own and all debts make a difference

My husband and I purchased a new home almost two years ago with the understanding that our real estate agent at the time could sell our other home in 45 days. Needless to day almost two years later we have not sold that home and are now over 50,000 in credit card debt due to cash advances to make 3 mortgage payments and general living expenses.

We are in the process of short sale which has been a long drawn out process and we are now behind on the mortgage on our 2nd property and will soon face the possibility of forclosure. The current real estate agent is telling us that we are at the mercy of both mortgage holders. We are thinking of filing for bankruptcy which would include our 2nd home currently on the market and empty as well as all credit cards which total over $55,000. Would chapter 7 or 13 be the right choice for us?

We are in the process of finding a bankruptcy lawyer here in MO. Would filing bankruptcy on our empty home and credit cards affect our primary residence which we want to keep out of bankruptcy. We are not late on this mortgage.

Thanks for any advice you have.
No , not if you don't file it on the bankrutcy .