Your vacation home is an asset of yours. That means that it needs to be included in your bankruptcy filing and is an asset which could be ordered to be liquidated (or sold) and the proceeds thereof distributed for the benefit of your creditors. Since Puerto Rico is part of the U.S., creditors would not even face the procedural problems that would face with a foreign jurisdication (e.g. Canada or Mexico); instead, reaching a vacation home in Puerto Rico is no harder than reaching one in North Carolina. If you have a fully paid up vacation home, if selling it would provide enough money to pay off your debts, you may wish to consider doing that instead. If you want to file bankruptcy and  try to keep the home, you may wish to consider chapter 13 instead as an option.