Can I file for bankruptcy in order to release a second home?

I don't know what you mean by release vis a vis your 2nd home. Do you mean surrender it without owing anything or do you mean to restructure payment of this property? Bankruptcy may not be necessary if you want to surrender the property via a short sale or deed in lieu if you can negotiate a settlement with the lender. I would be talking to real estate people first. If you have no assets that any creditor could take from you, owing the mortgage company might not put you in any jeopardy from creditors. State exemptions are the laws that can provide you with protection and a link to a general description of these laws is below. You may also want to investigate any tax ramifications. Hope this perspective helps!

A bankruptcy would allow you to surrender the second home and you could discharge the mortgage obligation for the second home. You can also keep your homestead, as well as mutual funds that are in qualified retirement accounts as well as your annuities. You need to speak with a qualified bankruptcy attorney regarding what type of bankruptcy you may need to file. If your household income is greater than the median family income for a household your size, you could be forced to file a Chapter 13 rather than a Chapter 7. It is too difficult to assess your situation and offer you meaningful advice without knowing a lot more information that is more appropriately discussed in a consultation. You can find highly rated bankruptcy attorneys using the Find a Lawyer tool on . Please let me know if this answer was helpful by hitting the helpful button. Good luck.

The direct answer is "probably." It is certainly possible to use a bankruptcy case to walk away from a bad real estate investment. However, there are less intrusive means to accomplish the same result without going bankrupt. It would be prudent to try for a short-sale, or deed-in-lieu of foreclosure before using the "nuclear option" of bankruptcy.

You don't need to do a bankruptcy. With the type of income y ou list, you can short sale it and walk away from the balance if the lender permits the short sale with deficiency waiver. Speak with a knowledgeable attorney.

Best of luck. I can imagine you do not want to be saddled down with the second property especially with everything else working out seemingly well. An experienced attorney can file a Chapter 13 and surrender the debt of the second home. Depending on how much unsecured debt you have will determine the duration of time in the active Chapter 13 case. This is not an unusual set of circumstances. It can be done.

Anyone can file for bankruptcy. You just might have to pay some of the debt back, or not. I'd meet with attorneys who have relationships with real estate firms so you can plan together. My firm does just this, but I'm in St. Pete. I'm sure there are similar firms in Orlando.