Expert: Terry Leeders - 6/5/2009

Question
I own two rental houses in san diego.    Both are likely to enter foreclosure soon.  Can I protect and hold onto them if I enter into bankruptcy?

Answer
Chapter 13 can help cure arrears.  You would need to show the court that you have enough disposable income to afford the repayment plan for the next 3-5 years, including your other debts you may have.
You need to watch out for the debt ceiling though, you are ineligible if your secured debt is greater than $1,010,650 total.