Surrender or not?

[deafbroke]

I filed chapter 7 last week. If I read it right I assume that I am allowed $200,000 in homestead exemption in minnesota. Myu property is only worth about $100,000. I do own another house worth about $17k and I think that is also covered as I am allowed to use part ofthe exemption to cover other real estate unless I'm misinterpreting things. I did claim both properties as protected.

I am considering surrendering both. I am 2 months behind my house payment. I owe nothing on the other property. My house value went down and I owe more than it's worth.

So would surrendering them protect me from the mortgage company going after the difference? I assume they don't even bother trying. Also if I surrender will it prolong the final decision on my bankruptcy? My house and the other property are in areas that will take a long time to sell. Will the case remain open un til the houses are sold?

I want otget it over with ASAP but not cause problems. Any ideas?

DB

[CindyLou]

You only need exemptions for assetts. Unless you have equity, you do not need exemptions. If you owe more than its worth than you do not need to exempt it.

Why would you surrender the second one if you do not owe anything on it? That one you would use the exemption and keep it.

Please explain more in detail:

First property: value_____ amount owed______
second property: value____ amount owed ______

[deafbroke]

You only need exemptions for assetts. Unless you have equity, you do not need exemptions. If you owe more than its worth than you do not need to exempt it.

Why would you surrender the second one if you do not owe anything on it? That one you would use the exemption and keep it.

Please explain more in detail:

First property: value_____ amount owed______
second property: value____ amount owed ______

FIRST PROPERTY VALUE : 100k amount owed 117k
Second property value : 17k amount owed: 0

1st property is homestead.

can I use part of homestead exemption on 2nd property?

DB