Grandin, FL Bankruptcy Law Firms & Lawyers

Bankruptcy will discharge the underlying debt you owe, but the lien against your property would remain unless you are able to avoid it (remove) in a Chapter 13 or Chapter 11 case.  You can avoid voluntary liens if the value of the property is less than the amount of any senior liens against the property.  

You should consult with a professional.  A competent bankruptcy attorney will ensure that you NEVER have to surrender assets unless you wish to.  There are rules.  Bankruptcy is actually an acceleation of creditor rights, we are identifying "non-exempt" property that might be available to creditors and protecting it either by the choice of chapter, or potentially redemption.  You have the right to manage your exemptions in a way that supports the goal of minimizing the availability of money to creditors. At first blush, the house is fine, the 2nd may not be.     Depending upon the equity available, you may wish to choose a Chapter 13 filing which will ensure nothing gets taken.  REmember if you submit to a Chapter 7, you are stuck with the result, a chapter 13 gives you flexiblity and power and leaves you in control   

You can file bankruptcy, individually or jointly, when you are married whether you are separated or not. Check with an attorney to see what is best for you