Has supposedly gone thru Chapter 13 BankruptcyAny further thoughts on what my approach should be?

Though, I am only a couple of chapters into it; the written material appears to be a very basic course in commercial RE investing.

I skimmed the first few chapters since it was mostly motivation and mindset stuff.

You can also file a chapter 13 and workout out a payment plan to get you caught up Any BK attorney can help you with that.

I just happened to come across the following clause in Chapter 209.011 of the Texas Property Code: The redemption period is 180 days and an annual interest rate of 10% (if no rate is stated).Just wanted to clarify.. 8)

The first chapter could be 5 minutes worth of reading.

Find your local chapter of Ducks Unlimited or Pheasants Forever.

If your email address is in your profile, I'll send you a copy and/or am glad to send chapters to you as I finish them.

(this is usually NOT the best course of action)All the attorney will do is hire a collection company that has more bark than bite and rarely collects any money.The other option is to use a judgement recovery company.They usually pay the court costs and filing fees and then split 50/50 of whatever they recover.Sometimes they will buy the judgement outright for real cheap.In this case you get your cash right away and move on.Judgements depending on the smarts of the tenant can take 3 months to years to collect.Some tenants are judgement proof.This can happen when:1.The funds are retirement funds in a bank or social security where money can't be taken.2.The tenant works a job where their income is at a level where they cannot be garnished by Federal Law.Even when you can garnish you can only take 25% each time.If their are other judgements already garnishing then the 25% gets split up among the garnishments.85% of judgements never collect a dime because of the work involved.Even if the judgement company you employ chases the tenants for money the tenant may pay or they might just file BK if they have other debts.A chapter 7 costs thousands so it would depend on their other total debts and how much your judgement is for.This is why it is important to carefully screen tenants.They need to have good credit,a good job with long work history,etc. or something where you know you can collect if they default.If you have multiple tenants staying in one place and they all make minimum wage it will be hard to collect on them later versus one person showing great income.Hope it helps.

The name S Corporation comes from the tax laws governing how an S Corporation is taxed: Internal Revenue Code, Subtitle A, Chapter 1, SUBCHAPTER S.