I live in Los Angeles, CA and If I file Bankruptcy can I discharge my 2nd Trust Deed on my home?

When you file for banruptcy, Chapter Seven, you are allowed to keep your home, and as you have a 2nd TD, that's part of it! You can't get a discharge on the 2nd without including the 1st!! For instance, say you owe $200.000.00 on the 1st and $50.000 on the 2nd. The true value of the house is $250,000.00! You really don't think they are going to let you keep the house under those circumstances do you!! I suggest, you keep one car, I am assuming you have very expensive cars! You have to report all your credit cards, which will all go bye bye when you file, you have a boat? you have to declare that too, in short, they will allow you keep the house, but you will have to pay both TD's, pick out one car which is paid for in full, cos if it isn't you will still have to make the payments, and let the rest go, if the jewelry is worth a lot, I suggest selling it BEFORE you file BK and stash the money in someone elses name for the time being. How about your bank accounts? They will want to know about those too, including any insurance policies you have which are current! Believe me! I have been through this!! I got to keep my motorhome, which I still owed money on, that was a choice between that and the house, the MH was cheaper to keep, one car, and my personal stuff. Don't forget, Department Store creditors, and make sure you don't have any mechanic's lien against your property!!! You are going to have to downsize, come what may, but in your case, I would keep the house with both TD's and dump the rest!! THAT is the most valuable!! NOW! Don't go picking one of these expensive attorneys to file for you! Look through the yellow pages for Legal Aid under Banruptcy. They do just as good a job as the high priced scaliwags. Ours cost under $300 on the first of February, went to court in March and it was discharged at the end of April! I would rather pay $300 than $3000 or more for the same service!! Decide what you really want to keep, it isn't that hard! OH! a thought just crossed my mind! Do you live in the three-plex or somewhere else? That could cause a problem! I think you are only allowed to keep one property, the one you actually live in!!

You may not discharge any debt that is secured, without giving up the underlying security. Hence morgages, equity lines, and car loans can be discharged, but you lose the house and car.

The changes made to bankruptcy laws make what you're asking impossible.