Legal Question in Credit and Debt Law in California

I have rental income property and my loan modification will end soon. the mortgage will raise to a price that i am unable to pay. im considering filing for chapter 7 or 11 bankruptcy. am i making the right decision?


Asked on 7/20/10, 8:11 am

2 Answers from Attorneys

You can't expect any kind of valid answer to a question as complicated as whether or not to file for bankruptcy based on so little information. The only things I can tell you are: 1) you need to talk to a bankruptcy attorney in person; and 2) if they don't at least discuss Chapter 13 in your circumstances, find another lawyer.

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Answered on 7/20/10, 11:37 am
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

A bankruptcy court can rewrite the loans on your rental income in a Chapter 13, or a Chapter 11 if your assets or debts are sufficiently large. Yes, consulting a bankruptcy attorney will be a good decision.

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Answered on 7/20/10, 12:52 pm


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