Sorry to chime in here blackcandt, but why is your lawyer including your home when you have a loan modification offer? My understanding is that if you do include it in BK, then the mod may stop in its tracks and your lender will have what is called an automatic stay placed on them.
Quote:
Automatic Stay
The filing of a bankruptcy case, under any chapter of the Bankruptcy Code, triggers an injunction against the continuance of any action by any creditor against the debtor or the debtor's property. 11 U.S.C. 362.
In Chapter 13, the stay even protects co debtors who are liable with the debtor on consumer debts.
The automatic stay gives the debtor protection from his creditors, subject to the oversight of the bankruptcy judge, and brings all of the debtor's assets and creditors into the same forum, the bankruptcy court, where the rights of all concerned can be balanced.
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