When to File Bankruptcy?

[Account Closed]

I never thought I’d be in this position, but here I am. 

So, I have a few rental properties, but the utilities, taxes, and insurance were all triple the amount forecasted. Over this winter, the utilities drained my accounts completely. I raised rent, but everyone left. I now have no income and no savings left. I can no longer pay the bills, and I have a lot of debt from renovating a unit that was never able to be completed.  Nothing is late at this point, so does it make sense to start the process now?

I tried to plow snow this winter, but multiple mechanical failures netted a loss of over $2000 while working a lot  of hours.

A job is not realistic. I live in the middle of nowhere. There are no jobs. It’s not like I sit around all day. I work on these properties every single day. Even if they were making money, I still couldn’t afford contractors. 

In fact, I don’t see how any of this works. I can’t charge enough to even cover the utilities.