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  1. #1
    Join Date
    Mar 2008
    Posts
    2

    Default Keeping Rental Property In Chapter 13

    Hi Everyone. I am new to this. Strongly considering Chpt 13. Consulted one attorney but felt he was in too big of a hurry to "herd" me through. I made lots of errors and I am now ready to accept responsibility and find the best options for me. I know I qualify for 13. Has anyone out there filed 13 and kept their primary home and also rental property? I am in Florida. The rental breaks even monthly and I know it will have equity when the market comes back for property. I hate to give it up which is what the first attorney told me I should do. He did not really say I had to. Thanks in advance for any help out there.

  2. #2
    Join Date
    Jan 2008
    Location
    Alabama
    Posts
    114

    Default Re: Keeping Rental Property In 13

    You would not necessarily have to give the rental home up.. rather you may have to pay a higher percentage of your unsecured debt back if you wish to keep this rental property. This is something that the attorney who works up your case can tell you for certain. It is possible that if you would be required to pay a higher percentage to unsecured creditors, up to 100% of their claim amounts, and you cannot afford to make the plan payment then you would be expected to give up the house in order to have a lower plan payment. This may not be the case though, a lot depends on the amount of equity in the house.

    Consult another attorney and go in with a list of your questions, and make sure you get them answered. Many attorneys will "herd" you through because they figure they are giving you a free consultation, and they don't want to spend more time with you then absolutely necessary to get you to sign up.

  3. #3
    Join Date
    Mar 2008
    Posts
    2

    Default Re: Keeping Rental Property In Chapter 13

    Thank you very much for your answer. I though I had chosen a "regular" lawyer but it turns out he did not want to do 13's anymore and complained the whole time about not making any money on them. I will find a good attorney and consult about these and all other questions I have. Again, thank you.

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