can u file for bankruptcy and still keep your assets such as a rental?
i have 20,000 in credit card debt and due to financial difficultys i can no longer pay on them am affraid i will lose my only source of income, the rental which i owe 14,000 on is up 4 sale but no takers in over a year. last year i only made 5,000 in income am at the end of my rope!
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It is unlikely that you can keep it, as it should be worth enough to pay off your debt, as you owe very little.
It would be better to sell it yourself for the 34k, pay your debt and save your credit then to file bankruptcy, lose your assets and screw up your credit too.
It sounds like you need a better job.
State law allows you to keep certain assets. What you can keep varies by state. You’ll have to check with the state law books or a BK lawyer. I doubt you’ll be able to keep the rental as it is not your primary residence.
The answer is "maybe". If it’s truely a rental property then any equity in that property is subject to claim by the trustee. However, if there’s not much equity, then the trustee will deem it not worth the trouble and let you keep it. Otherwise, you have two choices: pay the court an amount of money equal to the equity in the property or turn it over to the court. They’ll then sell it and keep the profits to pay to your creditors.
Depends on your state and circumstances. See a bankruptcy lawyer and he/she can tell you.
This will depend on a number of factors including what state you are in, and whether you have other assets you need to protect. You should consult with an attorney in your area before going forward.