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Updated over 12 years ago,

User Stats

18
Posts
1
Votes
Roy Williams
  • Real Estate Consultant
  • Alabama
1
Votes |
18
Posts

Chapter 7 Question

Roy Williams
  • Real Estate Consultant
  • Alabama
Posted

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

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