Can I file bankruptcy if I have real estate debt? - Bankruptcy Law Questions and Answers- LawQA.com

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Can I file bankruptcy if I have real estate debt?

I own real estate with mortgages and I am running out of money to pay my expenses.

Mercado & Hartung, PLLC
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Yes, you can file Bankruptcy and your personal liability will likely be discharged. However, the mortgage company's security interest can be enforced through the property.

Answer Applies to: Washington
Replied: 8/22/2011

Answer By Kevin Heupel
Heupel Law
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Yes, filing bankruptcy is a good way to get rid of real estate debt.

Answer Applies to: Colorado
Replied: 8/21/2011

Answer By Eric Benzer
Eric J. Benzer, Attorney at Law
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Yes.

Answer Applies to: Maryland
Replied: 8/19/2011

Answer By Andrew Harris
Law Office of Andrew Harris
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Absolutely.You can keep the property in a chapter 7, as long as you are current on your payments, and continue to make your payments.If you are in arrears, you can catch up on the payments in a Chapter 13 plan.And, if you are walking from the house, then the mortgage/s will go away in the bankruptcy.

Answer Applies to: Oregon
Replied: 8/19/2011

Law Office of John C. Farrell, Jr.
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Yes but you should consult with a bankruptcy attorney to see which type you qualify for - CH13 or CH7.

Answer Applies to: Massachusetts
Replied: 8/19/2011

Answer By Eric Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis
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Bankruptcy can be used to eliminate or reorganize debt.

Answer Applies to: Indiana
Replied: 8/19/2011

Answer By David Leibowitz
Lakelaw - Loop Bankruptcy
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Real estate debt is a very good reason to file bankruptcy. If your real estate debt was for property you purchased for investment, you have a good chance of qualifying for chapter 7 without regard to how much income you make.

Answer Applies to: Illinois
Replied: 8/19/2011

Answer By David Goldman
Apple Law Firm PLLC
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Yes you can, it would depend on the amount of debt and income you have as to what options you had.

Answer Applies to: Florida
Replied: 8/18/2011

Answer By Stephen Harkess
Colorado Legal Solutions
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You can certainly file bankruptcy with real estate debt, but you will not be able to keep the real estate without paying the associated liens. If you don't pay the debt, you will have to give up the property.

Answer Applies to: Colorado
Replied: 8/18/2011

Answer By Lewis P. Adams
Lewis Adams and Associates
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Yes.

Answer Applies to: Utah
Replied: 8/18/2011

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