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rental bankruptcy

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limpyL

Member
What is the name of your state (only U.S. law)? PA/MD/TX

I currently have 2 rental properties as well as my house in my name. I live in PA with a 2k morgage and my 2 rental property located in TX and MD run me 3600 a month. All of these are in my name only and have owned all but the PA house before i was married. After taxes I bring in

3100 Disability retirement federal govt
2000 SSA for Disability
1000 SSA for my daughter for Disability
1900 VA disability

I was told by a lawyer awhile back when times were tough that if i was to file bankruptcy that my Disability income would not count against me (It is all related to wartime/terriorist activity). I was able to find a renter and i was ok for a 2 years. Now my old tenants left with 8k in damages that i was able to repair but with that and the house being empty for 6 months now it was tough again for my wife and I. We have been trying to sell/rent it with 0 luck. Now my wife has lost half of her income do to down sizing in her company and we are in a real bind. My question is if I am able to sell the tx house(may have a buyer for payoff) but the MD house i can not sell. It was appraised for 409 and i owe 370. There are so many houses that are being forclosed on that are selling in the low 300-310 range. I tried to talk to the bank and they said they will not help me unless i am behind in my payments. I was also told that if i get behind the banks still do not have to work for me and I can get in more "trouble"

My question would be can i file bankruptcy and still be able to keep my house i live in?
 


HomeGuru

Senior Member
What is the name of your state (only U.S. law)? PA/MD/TX

I currently have 2 rental properties as well as my house in my name. I live in PA with a 2k morgage and my 2 rental property located in TX and MD run me 3600 a month. All of these are in my name only and have owned all but the PA house before i was married. After taxes I bring in

3100 Disability retirement federal govt
2000 SSA for Disability
1000 SSA for my daughter for Disability
1900 VA disability

I was told by a lawyer awhile back when times were tough that if i was to file bankruptcy that my Disability income would not count against me (It is all related to wartime/terriorist activity). I was able to find a renter and i was ok for a 2 years. Now my old tenants left with 8k in damages that i was able to repair but with that and the house being empty for 6 months now it was tough again for my wife and I. We have been trying to sell/rent it with 0 luck. Now my wife has lost half of her income do to down sizing in her company and we are in a real bind. My question is if I am able to sell the tx house(may have a buyer for payoff) but the MD house i can not sell. It was appraised for 409 and i owe 370. There are so many houses that are being forclosed on that are selling in the low 300-310 range. I tried to talk to the bank and they said they will not help me unless i am behind in my payments. I was also told that if i get behind the banks still do not have to work for me and I can get in more "trouble"

My question would be can i file bankruptcy and still be able to keep my house i live in?
**A: you should be able to if you get a good BK attorney.
 

bigun

Senior Member
Depends on how much equity you have in your home vs what, your state allows as an exemption.
Most bk layers give a free or lowcost initial consultation. Speak with a few and see what they suggest.
 

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