Joint realestate and BK

What is the name of your state? South Carolina

My wife and her sister own a vacation home in North Carolina worth ~$700K.
We owe ~$200k on our home here, credit cards,car, etc.
I have been unemployed for a year. If we go chapter 7 will the vacation home be 'safe' or will sale be 'forced'?

thanks

She will be subject to losing her portion of the vacation home in order to satisfy her debts. In other words, the trustee can force the sale of the vacation home to pay off the debts.

If there's only $200k in debts, and the vacation home equity is $350k (her half), she really shouldn't file bankruptcy anyway...her assets exceed her debts.

Sell the vacation home and pay off the debt. Or, have the sister take out a mortage on it and give your wife her portion of the home's value.

Sister currently refuses to sell and says she can't afford to buy us out...the buyout would be ideal.

Well, if the sister won't sell, and your wife files bankruptcy, the bankruptcy court can force the sister to sell the property...and it's not going to be at a good price.

I would talk to the sister and explain the situation. She basically has three choices. 1. Buy your wife's portion of the property from her. 2. Agree to sell the property now and split the proceeds. 3. Have a judge eventually force the sale of the property at a bad price.

Or she could file Petition to Partition to force a sale or buyout.