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?
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?