My debts are: 260K on mortgages for rental properties plus 15K from credit cards. At top of form 22A it says that form 22A is to be completed by poeple who's debts are PRIMARILY Consumer Debts.
According to the definition of Consumer Debts in the Code - Mortgage debt would not count as consumer debt. That interpretation has been agreed to by many frequent responders on this board & others in the past.
1) Is there another form you complete when your debt is not primarily consumer debt?
2) The form seems like it would actually help me b/c on lines 5b &5c i would enter the rent I collect and the expenses (incl Mort.) on the prop.'s - this would result in $0 disposable income for me at end of form. Any thoughts here?
3) Based on #2 I feel I should qualify as a Chp 7 (despite fact that I make twice the state median income). However, i can not find a local attorney that agrees with that position. Once I tell them my salary, they say Chp 13 is my only avenue. I HAVE NO OTHER ASSETS (other than 401K) so that's why I prefer CHP 7. Any reason why i should still consider Chp 13 given what I just stated?