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I have two properties, one in Maine and one in NH. Does the BK court take the non-exempt home or can I reaffirm in Ch 13? 7?

Portland, ME |
Filed under: Bankruptcy Foreclosure

I have two homes and one is being rented. I need the rental income for the time being but intend to return there (it used to be my primary residence). Which house can I keep in Ch 13? Can I reaffirm both in 13? How about a 7? One has equity, one doesn't.

Attorney Answers 1

Posted

In Chapter 13, you can keep any real or personal property you want to keep, so long as you repay the value of any equity above and beyond any exemptions, to your unsecured creditors through your chapter 13 plan; In Chapter 7, you can reaffirm as many debts as you can afford, but if there is substantial equity in a nonexempt asset, a Trustee may sell it for the benefit of your unsecured creditors.

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