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  1. #1
    Join Date
    Jan 2009
    Posts
    14

    Default What Happens to My Rental

    My question involves bankruptcy in the state of: California.

    I have just completed a Loan Modification on my primary residence. I was think of doing a bankruptcy now because of a rental property and some credit cards that will not fit in my budget. I have a 262000 first and a 90000 heloc and maybe 15000 in credit cards. What will happen to my rental? will it totally go away along with the credit cards when i do a BK. I will just keep my primary and both cars. no assets. I just don't want anybody coming after me after the BK.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: What Happens to My Rental

    So we're to assume that you're upside-down on the rental property?

    You should be able to surrender the property in bankruptcy.

    What you will want to do is consult a bankruptcy lawyer about the specifics of your case, and confirm that you're eligible for Chapter 7. You should be able to get a free consultation.

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