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crystalbivens · Joined: 16 Dec 2009 Posts: 3 1.83 Dollars($)

Are there any other option if your debt exceed the dollar limit due to a rental property? We are trying to sale it but can't at this time. What are my options for this? Will we be able to file a chp 13? Any suggestions. Thanks

JKennedySLG · Posted: Thu Dec 17, 2009 5:02 am Post subject:

I'm sorry, what exactly are you looking to accomplish with either the sale of the home or lesser debts? Are you applying for another loan?

Posted: Thu Dec 17, 2009 7:04 am Post subject:

I am asking if the judge would consider my rental property is on the market for sale. This rental is taking my debt over the limit for filing a chp 13. I'm just trying to figure out what other options I have to save my primary home from foreclosing.

jenkin7 · Posted: Mon Dec 21, 2009 2:15 am Post subject:

Hi Guest,

I think the debts associated with the rental property will be taken into calculation to determine if you qualify for bankruptcy chapter 13. As far as I know, you can qualify for Chapter 13 if you have no more than $336,900 in unsecured debts and $1,010,650.00 in secured debts. You are liable for the debt on the rental property till the time you sell it and pay off the debt. Thus, the debt on the rental property will be used for calculation of your debts when you file chapter 13.

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