Chapter 7 Question

[Roy Williams]

Hello everyone. I own 9 lower income rental properties which I bought 6 years ago. It turns out that low income properties are not the way to go and a long story short is that most if not all are under water and not cash flowing. The stress is taking a toll on my health and I am considering stop paying all mortgages.
Once foreclosure happens I would consider filing chapter 7 bankruptcy to avoid any deficiency judgments (I live in NY).
I have no consumer debt only the debt on the properties which is all in my name.
I have a day job where I make approx $80k/year. Total amount of mortages in my name is approx $650k.

Any idea if I would qualify for a chapter 7??

Thanks

[Ade O.]

you will have to speak to a bankrupcy attorney, even with your income you might still qualify for a charpter 7, if allthe properties are underwater and have a negative cashflow,I do not see any other way out, unless you go the short sale route and try to short sale all the properties, I think the best advice is consult an attorney specializing bankrupcy in new york.