Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Could you explain a little bit?
What state are you in?
How much is your homestead property worth?
How much is the outstanding mortgage on it?
How much is your investment property worth?
How much is the outstanding mortgage on your investment property?
I live in Miami Fl
Homestead is woth about $389,000.00
Investment property worth about 100,000.00
Balance on investment 76,000.00
Thank you for your quick response.
Now to your question:
how do I protet the apartment
Response: You need to refinance the property so that there is little or no equity in it when you file. Currently, if you file for bankruptcy, you would have to pay to the bankruptcy trustee $24,000.00 in order for your bankruptcy case to be completed: $100,000.00-$76,000.00. As you know, you can only claim one homestead. So. claiming the property is another homestead is out of the question.