1031 exchange - taxes and not matching debt

[David Grootegoed]

I’m under contract to sell a rental I have and I’m planning on do a 1031 exchange. I have a few questions that I’m hoping you guys can help me with. We are planning on taking some of the cash from the sale and paying the capital gains tax on it in order to pay off some personal debt. So my question is if we not only take some of the cash but also not meet the debt requirement. What are the ramifications? For example let’s say we only buy one property for $175,000 and put down 20%. That would leave us roughly $95,000 of cash that we would pay back the depreciation that we've already taken plus the capital gains on the remainder. In this scenario we are still $105,000 short of matching our current debt. Is there a fee or penalty or tax that we would have to pay due to the fact that we are short on the debt match? Thanks David