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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Bankruptcy question I have filled out the paper work for

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Bankruptcy question:

I have filled out the paper work for bankruptcy. I currently have two homes and I was told I could only keep one home. I was wondering what type of bankruptcy would I have to file in order to keep my rental and primary property. I only want to charge off the credit card debt. Any feedback you can provide would be GREAT!
you can file a chapter 13 bankruptcy if you qualify, with that you keep paying the secured debts, and can keep the assets, but the amount of credit card or unsecured debts that will be eliminated is going to be mush less, as a chapter 7, unless their is no equity in the properties, especially the rental property.
Customer: replied 7 years ago.

I have no equity. I have lost money on both the homes, but I would like to keep them.


Are you saying it is better to file a chapter 7 verus a chapter 13?

since their is no equity a chapter 13 is best, XXXXX XXXXX unsecured debts can be eliminated to a percentage anywhere from 5-90% eliminated.
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