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I am disabled and get Social Security Disability. I have not

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I am disabled and get Social Security Disability. I have not been able to work since June 2010. As a result I have not been able to pay the mortgage on a rental property I own. The property insurance lapsed and the real estate taxes have not been paid. The lender has served me with papers for a May court date. I am wondering if filing for bankruptcy for that property makes any sense.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 3 years ago.
Hello,

So sorry to hear of your difficult situation.

I am a lawyer with 25 years experience. While I am not your lawyer and do not represent you, I will endeavor to provide you with legal information through this open and nonconfidential forum.

Do you have other debt?
Do you have one mortgage or is there a 2nd mortgage as well?
Customer: replied 3 years ago.
There is a second mortgage on the rental property as well and naturally I have debt (credit card) because I have not earned a paycheck since June 2010 duento disability. I want to make sure that my primary residence is protected. I am on a fixed income Social Security Disability.
Expert:  FiveStarLaw replied 3 years ago.
Hello,

You may want to consider a chapter 7 bankruptcy. I will explain.


As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.



A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.



A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.


Here are the exemptions for Maryland:
http://www.bankruptcyinformation.com/MD_exemp.htm
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36633
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
This is a contination. Can I list the rental property and some of the credit cards only on the Chap 7 Bankruptcy. I need to protect my primary residence and I have 1 credit card in good standing. What are the requirements for Chapter 7. I thought it was not available any more. Can I file it due to disability and because get Social Security Disability Insurance?
Expert:  FiveStarLaw replied 3 years ago.
How much equity is in your house
Customer: replied 3 years ago.
I am upside down with regards XXXXX XXXXX equity. The real estate values have fallen.
Expert:  FiveStarLaw replied 3 years ago.
In that situation you may file a chapter 7 and keep your house provided you continue paying the mortgage
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36633
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and other Bankruptcy Law Specialists are ready to help you

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