Is there any way to protect an asset (2nd home) from a bankruptcy? We have two homes, in different states, mortgaged by the same lender. Home A has some equity and is a rental. Home B is our primary residence and we hate it (neighborhood, location, school system). We cannot dump Home B in this market and break even. Assuming renting it is not an option, can we file a bankruptcy and still retain Home A? Home A also has an equity loan taken out against it. What other alternatives are there for us?