Bankruptcy and foreclosure

[rweltz]

What is the name of your state? FL

I’m from FL.
I’ve read a lot of the posts here and respect the advice of the forum. I have a couple of questions about Chapter 13. I make over 50K, so I think Chapter 7 is out. I had a real estate deal gone bad. I bought a house and construction was slowed down because of the hurricanes so I had to buy another in the mean time, when it came time to close my wife didn’t want to move, so we tried to rent or sell it. A year later no luck. Now the bank is going to foreclose on it, and to top it all off my mortgage payment on my primary now went up $500 and month because they didn’t calculate the taxes correctly. They used the value of the land only to get me to qualify for the payment knowing that they wouldn’t hear about it until a year or more later. There is also no way I will ever be able to sell my primary no because with the taxes and insurance having gone up so much, and the properly values have gone down ( my neighbors house is better and they had to sell it for 150K less than I paid) I will never get close to what I owe. I’ve had some good real estate deals in the past, and was able to cover my mortgage for year, but have put everything I had into it. I do have some unsecured debt, but could pay all of it if I had to. Can I get out of my primary, and what happens to the primary if you are behind and want out, or stay? With my investment house, I don’t know weather to let it go into foreclosure. I can’t catch up with the payment and I’m concerned about get a judgment that I will have to pay for the rest of my life, because that will never sell for what I paid for it, and at a foreclosure sale that will never get ½ of what I own. I’m really ready to go back to renting until the market stabilizes, but who will rent to me if I have a foreclosure and a bankruptcy? Thanks, Richard

[bigun]

You need to get your living situation arranged prior to filing bk. Many small, private landlords don't pull credit reports.
Most bk lawyers give free initial consultations. Talk with a few and get all of your options explained.

[rweltz]

Thanks, for the info. I will be consulting one this week. R

[rweltz]

Does anyone know how much of unsecured debt you could be required to pay on a chpt 13, and what can that due for any judgements. Thanks

[bigun]

In a Chapter 13, any disposable income after livving expenses are paid is used to fund a Chapter 13 plan. I've seen plans where as little as 1% was paid to unsecured creditors and I've seen 100% paybacks and everything in between.
Just depends on your income and expenses.

[rweltz]

What about judgments from a forclosure?

[Ladynred]

What about it ? A judgment is an unsecured debt, no priorty. The judgment would get paid out of that percentage that goes to unsecured creditors in your Ch 13 plan.