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what house do i get to keep

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we are in arizona and...
we are in arizona and i have 2 houses and am buying a 3rd the other 2 have arms that in a year will be too high i will be upside down to the toon of $60 grand cant sell or rent after kids move out if i let them go to foreclosure can they come after the new house that i will be living in and if i file bankruptcy will i be able to keep the house that i am living in?
Submitted: 9 years ago.Category: Bankruptcy Law
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Answered in 22 minutes by:
8/8/2008
Bankruptcy Lawyer: jbrlaw, Attorney replied 9 years ago
jbrlaw
jbrlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 269
Experience: Creditors' rights lawyer involving collections, foreclosures and bankruptcies for almost 19 years.
Verified
If you let the 2 go into foreclosure, the lenders may pursue a judgment for the deficiencies, which, if successful, would be recorded as liens on the new property. The lenders may still try to collect the deficiency by going after wages or bank accounts and the like.

If you file a Chapter 13 bankruptcy, you should be able to keep your primary residence if you can afford the monthly payments in your repayment plan. Then, you give up the other 2 properties, avoid deficiency claims and minimize your exposure to income taxes for forgiven debt on the liquidated properties. This definitely seems like the most appropriate way to go . . . provided you have a job with regular wages (requirements for Chapter 13).

If this information was responsive, kindly “ACCEPT so that I may receive the appropriate credit for my time. If you are so inclined, bonuses and positive feedback are always appreciated. Of course, if you require further clarification, please post a reply. Thank you and good luck!

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Please note that I may not be licensed to practice law in your jurisdiction. As such, my above comments shall not be construed as legal advice and shall not be deemed to form an attorney-client relationship.

jbrlaw
jbrlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 269
Experience: Creditors' rights lawyer involving collections, foreclosures and bankruptcies for almost 19 years.
Verified
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jbrlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 269
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Experience: Creditors' rights lawyer involving collections, foreclosures and bankruptcies for almost 19 years.

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