What to do with my house

[NJ0169]

Hi All,
My wife and I filled for CH13 and now we are going through divorce. The big question is what to do with our home. The real estate market is really bad and I'm not sure at this point if we can even get what we owe in mortgages. If I can not sell the house, what should I do? Can I stop making payments for few month and then move out?

[SMinGA]

Have you discussed the pending divorce with your attorney? You'll probably need to dismiss your 13, complete the financial aspects of the divorce (who pays/receives alimony and/or child support, set up separate residences) and then refile as individuals. One or both may then be able to do a ch. 7.

If the house is upside down and/or not work keeping for other reasons, letting it go in the bankruptcy may be the best option. Best to consult with your attorney to determine if that is the way to go.