Hi,
I am loaded in credit card debt- over 65k and am thinking of filing chapter 7 due to major decline in income
I have a primary residence and an investment property- both are not upside down but have little if any equity. I wish to keep both properties if possible and I have always been current on all payments.
My question is on the rental I have a 1 year lease and the rent payment exactly covers my mortgage. If I file chapter 7, can I keep this house and continue to use the rent payments to cover the mortgage? I've been told by someone if I file that they will notify the tenants and they will pay the court directly and the payments will go toward paying the debtors (I can't direct it to paying the mortgage). Of course this will lead to the mortgage not being paid and most likely resulting in a foreclosure.
Any ideas or advice? A chapter 13 is another idea but not sure if I'll have enough income to work out a plan..
I am loaded in credit card debt- over 65k and am thinking of filing chapter 7 due to major decline in income
I have a primary residence and an investment property- both are not upside down but have little if any equity. I wish to keep both properties if possible and I have always been current on all payments.
My question is on the rental I have a 1 year lease and the rent payment exactly covers my mortgage. If I file chapter 7, can I keep this house and continue to use the rent payments to cover the mortgage? I've been told by someone if I file that they will notify the tenants and they will pay the court directly and the payments will go toward paying the debtors (I can't direct it to paying the mortgage). Of course this will lead to the mortgage not being paid and most likely resulting in a foreclosure.
Any ideas or advice? A chapter 13 is another idea but not sure if I'll have enough income to work out a plan..