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Whether you can or can't doesn't get to the result you think....a rented house is effected by the BK just as if it wasn't...except that now the damages you cause the renters are your responsibility too!
Wiki User
∙ 15y ago
Wiki User
∙ 13y agoAll I can say is that under certain conditions it is possible to keep rental property. In your particular case, you should ask a bankruptcy lawyer. (On a totally different matter, 2 people asked the same question. In one case the answer was yes, in the other, no.) The bankruptcy lawyer will help you go through it and end up with as much as possible. That is well worth the fee!
Wiki User
∙ 11y agoThere is no prohibition against renting property in a ch 7 bankruptcy. However, if you have a large amount of equity in the house, it might be sold to pay your creditors.
Wiki User
∙ 11y agoYes
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Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?
You have to, it is a debt...it is just a secured debt...by the lien on the property.
If you have a home and you are buying a second home for investment is it better to refinance with higher rate or take a home equity loan?
Home equity Loans and Investment properties both come with high Interest Rates. However, if you were to claim bankruptcy with a rental property they would take the rental property and you can keep your home. Homestead law. On the other hand, if you file bankruptcy and have a second lien on your home you are still liable for payment and they would still take you rental property to pay off debt. (If their attorney is smart.) Depends on how stable your income is and if you have a chance of ever claiming bankruptcy. Ask yourself how big of a risk it is to get this investment property?
Can a property management company file bankruptcy?
Sure.
You are being sued for s unsecured loan of 17000 dollars will chapter 13 bankruptcy stop creditors from taking your rental property?
If you file. It will put a stay on your creditors and they will have to halt there collections. You need to contact a bankruptcy attorney to confirm.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
Can a person keep and file bankruptcy if the home is under any mortgage?
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
Can bankruptcy be filed on partially own property?
The answer to this really depends on the nature of the property and how it is held (i.e. tenants in common, joint tenancy). You can file for bankruptcy for your personal debts. If the ownership debt is easily severable then it is likely that you would be able to file for bankruptcy and include the property as well.
If you own a rental property in one state that you are upside down on and is currently vacant and unable to rent out but live in another how does that effect your ability to file bankruptcy?
Bankruptcy is a Federal court procedure and law. The location of the things you own make no difference to your ability to file. BK includes ALL your assets and ALL your debts.
If someone is being sued for back rent and breaking their lease can they still file for bankruptcy?
Anybody can file for bankruptcy.
If you file a bankruptcy will your holdings in another country be protected?
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
If you purchased a new car that used to be a rental and traded in your old car that you still owed money on how can you get out of it?
file bankruptcy. you owe the bank money. how does buying a new car change that?
