Legal Question in Bankruptcy in California

Can I File Chapter 7 with investment property

Hello, I have investment property that I just break even on if they are rented. I have 40k in credit card debt that I can not pay. Can I file chapter 7 and keep my tax write off?

Asked on 1/12/08, 6:54 pm

2 Answers from Attorneys

Allen Farshi Law Office of Allen Farshi
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Re: Can I File Chapter 7 with investment property

Assuming you have any equity given the prevailing market conditions, you may want to move in and live there before becoming eligible for a homestead filing, I can then file bankruptcy after qualifying you. However if this is a second home, the answer is No.

Good luck

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1/14/08, 5:16 am
Phillip Evans Law Office of Phillip Evans
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Re: Can I File Chapter 7 with investment property

There are more factors needed to determine your answer, specifically the equity you have in the property, any other assets, and your income level. Feel free to contact the office and we can discuss in detail and review your specific situation.

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1/12/08, 7:00 pm

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