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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37845
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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so my follow up question is ..... is bankruptcy my only option....and

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so my follow up question is ..... is bankruptcy my only option....and if I own rental property , and will chapter 13 protect my rental properties (which both on sold on contract for deed) what is my best option in keeping my home...
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

Bankruptcy is the only true means of dealing with debt problems. Everything else is a scam, in my opinion.


In order to obtain a Chapter 13, you must have no more than $1,081,400 in secured debt, and $360,475 in unsecured debt. Also, your unsecured debtors must receive at least as much in Chapter 13 as they would if you filed Chapter 7. If you can work out a plan to make payments towards your debts for the next 5 years, within the constraints of the above, then you can keep all of your properties and unload your unsecured debts.


Hope this helps.


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