Call Today 678.929.8921
Benefit from the Experience of Attorneys Bill and Valerie Sherman Former Assistant Attorney General, Assistant County Attorneys and Magistrate Judge

I want to keep my rental properties and file bankruptcy

Question: I want to keep my rental properties, but I need to file bankruptcy because my credit card debt is huge and I’m getting calls because I haven’t paid it for a few months. I haven’t made any credit card payments for a few months. I’m getting the harassing calls all day. I mean every day the phone is ringing with debt collectors. I mean they’re right, I haven’t’ paid. But the thing is, I can’t pay.

The good news is that I’m getting another job, in Buckhead, and I start in about 2 weeks. So I will be able to make some payments. But since the debt is so big, I can’t pay it all back and also keep my rental properties. I own three rental properties and I want to keep them. I think they will go up in value over time and they will be good investments. I’m pretty sure of this.

My wife works, but only part-time and her pay is low. She used to work in retail in Atlanta, and the money was pretty decent, but now she works part-time in Roswell and the money is much less. She used to be able to help out with the bills, and she still does, but only a little bit.

Can I keep my invest properties if I file for bankruptcy? I think once I get my new job and I’m there for a year or so I’ll be alright financially. But I need something now to protect my real estate investments and to address my debts. Do you think I’d file a Chapter 7 or a Chapter 13?

R.B. in Roswell, Georgia

Answer: As a Roswell bankruptcy lawyer, this is a frequent question. It is possible that you can file bankruptcy and also keep your investment properties. In fact, that is done all the time. Real estate can be a great way to build wealth and just because you file bankruptcy doesn’t mean that you have to give up your properties.

To keep your investment properties when filing a bankruptcy usually involves a Chapter 13 bankruptcy.

In a Chapter 7, all of your debt is simply wiped out (although there are certain types of debt that survive.) In a Chapter 13 plan, you can consolidate ALL of your debt into ONE monthly payment that you can afford.

About Us

Overwhelmed by debt? Call us now at 678-929-8921 when you want a fresh start.

Get a fresh start now. We’ve served as a Magistrate Judge, an Assistant Attorney General and as a Senior Assistant County Attorney. Attorneys Valerie Sherman and Bill Sherman are ready to help you through this tough time!

We have bankruptcy clients throughout the Atlanta metro area and North Georgia.

Categories: