Legal Question in Bankruptcy in Michigan

i'm a detroit property owner. city files for bankruptcy . mtge underwater (100k) and avg. price in area 20-30k. should i (on ssi & 67 yrs old) also file bankruptcy due to property value drop surrounding bad negative press about the city? now more difficult to attract tenants.

Asked on 7/19/13, 11:30 am

1 Answer from Attorneys

Charles Schneider Charles Schneider, P.C.

There is no direct association between the city filing bankruptcy and your filing bankruptcy. Its goals by filing bankruptcy are far different from yours. Bankruptcy may be an option to consider if you have unwanted debt. However, you don't transfer unwanted rental property to anyone by filing bankruptcy.

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Answered on 7/19/13, 12:25 pm

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