Expert: Terry Leeders - 4/28/2008

Question
Hello,
My husband and I are in a financial crisis.  We have several rental home in Arizona (we live in California) with ARM loans. The rent doesn't pay the loan and we are unable to make up the difference in all the monthly payments including keeping up with our own home's ARM payment. Two years ago I received 25% ownership in my late mother's home along with some stock and mutual funds and IRA.  If we have to declare chapter 13 to get out from this mess is my inheritance considered and assest and could I lose that?
Thank you very much.

Answer
Chapter 13 will be designed to protect all of your assets.
You would pay back enough of your unsecured debts (Credit cards, medical etc) to protect any equity and any inheritance you have received.
Talk with your local bankruptcy attorney to discuss the payment plan for the chapter 13 based on your assets and income and expenses.