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I plan on letting both rental houses go and go into Chap 7 bankruptcy. If I move back in my rental house after the tenant vacates, I'll be worse off and have to pay $500 plus compared to where I'm staying now. Will it make a difference if I stay where I'm renting (this will give me more money to save but how can you save when the Chap 7 will just take what I'm able to save ?) or should I move back in and continue to be short every month on living expenses, while I'm preparing to file for Chap 7. Thanks anyone it is so helpful just to get info and suggestions on other options.... dunnivaj

smithsussane · Posted: Thu Jun 17, 2010 11:09 pm Post subject:

Hi pcb!

Welcome to forums!

When you file Chapter 7, you will have to list all your assets along with your savings. The trustee can use the money that you have in your savings account in order to pay off your creditors.

As you're planning to get rid of both the rental houses, then it's better not to move back in it. Rather you can stay in the property which you are renting.

Feel free to ask if you've further queries.

Sussane

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