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Law Girl
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Category: Bankruptcy Law
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I own 5 properties (2 in CT and 3 in NY) which are three ...

Customer Question

I own 5 properties (2 in CT and 3 in NY) which are three or four family homes. The rent on these properties is not covering the mortgage and I cannot take any money out of them since the mortgages are at market. I have considerable credit card debt. Can I file for bankruptcy and still keep the properties?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 8 years ago.


Thank you for your question.

Generally your primary residence may qualify for a homestead filing. However, if you the other homes in your name probably will not be exempt. Therefore, as a result of the bankruptcy, you will probably lose your investment properties.

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.

Good Luck!


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