File bankruptcy with home in another state?

Submitted by Hearst on Wed, 04/27/2011 - 08:45

MA Bankruptcy Law Questions and Answers

I own a home in New Hampshire that is completely paid off and another one in Massachusetts that is way under water. I'm considering bankruptcy and was wondering how that would work. Can I get a discharge on the home in Massachusetts and keep the home in New Hampshire? Or would the home in New Hampshire be part of the whole bankruptcy mess?

Bankruptcy with second home

Submitted by The Editor on Wed, 04/27/2011 - 11:20.

Bankruptcy is a federal matter, and the trustee will not care where your property is located. Depending on the specific facts of your situation (where your primary residence is, if you have a declaration of homestead, what exemptions are available to you, etc.), the bankruptcy trustee could auction your home in New Hampshire to pay your debts. You should talk to a bankruptcy attorney before you do anything. Given that you own a home free and clear, it is very likely that you have other options for dealing with your debts short of bankruptcy. Good luck.

In addition, bankruptcy only

Submitted by BostonLawMan on Tue, 08/14/2012 - 16:14.

In addition, bankruptcy only discharges certain kinds of debts. Secured debts, as a general matter are non-dischargeable (along with student loans, spousal support, taxes, etc.) A declaration of homestead can protect you against foreclosure for certain kinds of debts but not from your home mortgage lender.

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The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com

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