i've read a lot here - - -

[jenski]

and the following ? arises:

if i file ch 7, and wish to continue paying my secured debts (house would more than likely appraise at a lower value than my first and second combined) can you do so?

i'd like to continue to pay my house, 2nd, and car payments.

is that allowed?

i only have approx. $20K equity in the house - probably lower.
jenski is online now Report Post Edit/Delete Message

[FreshLikeADaisy]

Jenski, assuming you can afford it, they'd *love* to have you reaffirm those debts. Yes, it's very much allowed.

But do you have an atty? The reason I ask is that you *may* or *may not* wish to reaffirm, because there are all sorts of things to know about reaffirmations. Also, keep in mind that with the housing mkt in the tank right now, you may not have any equity at all in the house: if it appraises at a lower value than your combined debt on it, there is no equity... which is actually a help to you in a Ch7!

BK atty consults are usually free; definitely go see two or three (don't stop at one unless you just KNOW this is the atty for you) and see what they have to say about your specific circumstances. Just from what you say about your house, you've already got some choices to make: yes, you very likely could reaffirm all of the loan and stay, but if you're upside down on it and maybe it's in need of expensive repair or you know you could live cheaper elsewhere, maybe it's time to walk away from that house in bk.

Since the answer to all of the questions you posted is uniformly YES, the next step is asking, "Yeah, but do I WANT to?" You may surprise yourself. Good luck!!!