ch 7 questions

[temple]

I am in Texas.

I have abt 60k in credit card debt and 200k debt in mortgages. I have a residence that would be exempt in ch 7 and an investment property i am upside-down on.
1. Would the trustee take the investment property since there is no equity?
2. My income has always been too high to file and meet the new bk laws, but I was laid off this past Monday....can I file now?

Thanks in advance!

 

[TigerD]

No, the trustee will take the income from the property and apply it as he wills. And you will then default on the loan.

DC

 

[temple]

but if there is no income??? prop has been vacant for over a year. any advice on my other questions?????

 

[bigun]

If you're upside down in the mortgage, surrender the property and let the deficiency balance be discharged in your bk.
The income lookback period is 6 months. Depending on how far over the median you were, you may be able to file in a few months.
Most bk lawyers will give a free initial consultation. Talk with a couple and get all of your options expalined.