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I am real estate investor with substantial credit debt. Can I declare bankruptcy and still keep my homes?

Posted by admin in Finance Wednesday, 27 April 2011 20:57 3 Comments

I am real estate investor with substantial credit debt. Can I declare bankruptcy and still keep my homes? I purchased a large commercial property in 2006 and the tenant went south. I could not find a tenant for the property and used my credit to pay the large mortgage and now it has caught up to me. I am barely able to keep the mortgage payments going because of all the credit payments. I am getting into serious trouble. Can anyone give me some sound advice?

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This entry was posted on Wednesday, April 27th, 2011 at 20:57 and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Comments

  1. 04/27/2011 21:33
    posted by Drew C

    As I understand it you can only keep the home that you live in.

  2. 04/27/2011 22:31
    posted by Mike

    If you have the other homes in the name of a BUSINESS and you personally file bankruptcy, they cannot touch the business assets, and you keep the home you live in even if in your own name.

  3. 04/27/2011 23:29
    posted by drive_55_not

    Are you filing as an individual or corporation??

    You can keep your property under a CH 11 or 13, as no assets are sold,

    Under a CH 7 you’d be liquidating company assets to pay creditors,

    Best advice is for you to talk to a bankruptcy attorney,