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Law Girl
Law Girl, Attorney
Category: Bankruptcy Law
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Experience:  I am an attorney.
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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: 9 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 9 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.

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Good Luck!