If you have an investment property that you want to keep, then choosing your bankruptcy chapter is a very sensitive subject.
in place, then one spouse can file a bankruptcy as long as there are not joint debts. This TBE exemption will allow you to keep the property and reaffirm on the debt which communicates to the lender that you want to keep the property and your obligation to the lender for the payments.
Chapter 13 – If you are interested in restructuring your debt on the property or a modification, then a Chapter 13 may be a better option for you. In Chapter 13, you can restructure the debt on the property by stripping off a second mortgage, stripping down the primary lender’s lien down to the value of the investment property, or you can see if a HAMP II modification can be achieved through the Loss Mitigation Mediation.