May I keep my condo which I am in the process of a mortgage loan modification and file for bankruptcy on the other debts?

Whether you can keep your condominium and still file for bankruptcy depends on a number of factors. First, you will want to determine what type of bankruptcy best suits your needs. A Chapter 7 or Chapter 13 may be available for you. Second, you will need to consult with a Florida bankruptcy attorney to determine the homestead exemption available in the state of Florida. The homestead exemption protects your condominium from sale in a Chapter 7 case and has implications in a Chapter 13 as well. Third, you will want to ask your bankruptcy lawyer the impact of a loan modification in bankruptcy. If you have yet to complete your modification, you may want to wait until it is completed before filing any type of bankruptcy. Best of luck. NOTE: This answer is made available by the lawyer for educational purposes only. By using or participating in this site you understand that there is no attorney client privilege between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed professional attorney that practices in the subject practice discipline and with whom you have an attorney client relationship along with all the privileges that relationship provides. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question.

With either Chapter 7 or Chapter 13, you can keep your condominium and discharge other debts. Which chapter you decide to use will depend on (1) the amount of assets/debts that you have, (2) you currently monthly income and disposable income and (3) whether you are current with your mortgage and how far behind you are if you are not current. I have typically found it better to get the loan modification first and then file bankruptcy. However, sometimes I have gotten a loan modification offer in bankrutpcy that I did not get before filing. So, you will really have a lot of options. When interviewing bankruptcy attorneys, ask about their experiences modifying loans post-petition. Hopefully you will be able to find an attorney with such experience where you live.