Expert: Terry Leeders - 6/15/2008

Question
I CURRENTLY HAVE 18 RENTAL HOUSING PLUS MY PRIMARY HOUSE. 3 OF THE HOUSES ARE IN MY WIFE NAME. I HAVE KEPT CURRENT WITH MY PRIMARY AND ONES IN HER NAME BUT ITS A MATTER OF TIME BEFORE THEY START FORECLOSURE. CAN I KEEP MY PRIMARY HOME AND POSSIBLE SAVE  SOME OF HOMES IN MY NAME. I ALSO HAVE ABOUT 115,000 IN UNSECURED DEBT THAT I NEED TO FILE ON. I JUST WANT TO SAVE MY PRIMARY HOME AND I WILL NEED SO OF THE RENTAL INCOME TO DO IT. THEIR IS REALLY VERY LITTLE TO NO EQUITY IN ALL HOMES .

Answer
You can choose to do Chapter 7 and surrender the properties you do not want.  You would be subject to the means test budget analysis, so you should meet with a bankruptcy lawyer to help design your case. your case will come down to disposable income and assets.  Each state has certain assets that can be protected, so a local attorney will be best to guide you.