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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2671
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have several house mortgages that I cant pay. My house

Customer Question

I have several house mortgages that I can't pay. My house is going into a short sale situation. I also have two rental houses that the bank wants more than I am receiving for rent....I am paying insurance and taxes out of my own pocket.
Neither bank offered to help re-structure these loans.
I am retired and living on $866.00 in SS. The three houses are underwater so I cannot sell and make ends meet.
My CPA suggested I declare "insolventcy". Do I need a lawyer to do this or can my CPA do this for me???
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  davlabo replied 5 years ago.
Hello. Is your CPA referring to you filing for bankruptcy? This would be the method I am thinking of to discharge all these debts and give back the properties to the bank.
Customer: replied 5 years ago.
no, backruptcy is my last card. I was told that filing for insolvency was a better path to follow.
Customer: replied 5 years ago.

no, backruptcy is my last card. I was told that filing for insolvency was a better path to follow.

I understand that chapter 6 might be a better way to go.

Expert:  davlabo replied 5 years ago.
I will move your question to the bankruptcy area so a bankruptcy expert can discuss with you.