Personal Bankruptcy loose the primary house??

[ironwolf]

Currently have 2 houses.
house 1 is where we live,worth about 400,owe 250 of which 180 of the debt is in my wifes name.
house 2 is 2 blocks away. we bought it about 16 months ago for 450 as -is. spent 50k repairs only.house in todays market..about 400(realtors NEW opinion)Debt is in both names and 90k of the mortgage is attached to house number 1.

we bought house#2 to move my dad into ,with us,set aside 20k to carry the new deal untill our house sold(offers of 450k,appraised 700k at the time).

Started hemmoraging tons of cash to sue former commercial landlord( 3 year ordeal),see other post,move product..etc.Dad diagnosed with terminal cancer,2 months later died,no income to speak of... bottom line..

Now have ZERO cash,house is not selling,no money to re-establish business.90 days late on house #2,60 days on house#1. Monthly bills about 8500,barely hitting the 5k mark now. Assets are real estate as stated.selling all the inventory,but it's too slow.

Question,can I file bankruptsy to keep house number 1 or 2 ? Both houses are TBE titled.Will wifes debts be exempt?

 

[calalily]

Bankruptsy is very detailed and complicated. You may be able to get a free consultation to answeryour questions and then decide if it's the right path for you.
If possible, rent out one of the houses, if not already doing so, to at least have some income to pay towards the debts.

 

[ironwolf]

thanks..but..

I have called a few lawyers and met with one. They all stop short of any advise except to provide 3-5000.00 and they will answer all questions and file. One suggested 13. I am 60 days pushing 90 on 2 loans..it won't be long untill the foreclosure steps are near. I have a rentor that can take 1/2 of the empty house for 1500 per month,so I will only be loosing about 4000 per month on it..not quite enough to clear the debt or get manageable. I am thinking about an auction on the high equity house but the auctioneer says only 350-400k..he's really not sure.