I am working on filling out Schedule J for my Chap 7. On line 1. it asks for mortgage payment expenses. I have 2 properties. One is a primary and one is an investment rental property. Should I submit two schedule J s? One for each property or just add everything together on one?
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Are you working with an attorney? If you aren't, I would definitely suggest contacting a few for free consulations. From what I'm finding when I research this online, it would be very rare for a panel trustee to allow you to keep a rental property and your primary home in a Chapter 7. If there is equity in the rental, you may be forced to turn that asset over in a Chapter 7. I'm no expert, and there may be ways around it, but it's not looking so good.
"While debtors may be able to keep a vehicle and their residential home, rental properties are not protected under Chapter 7. Debtors will generally be forced to either sell or surrender all non-essential assets under this chapter." I'd post the URL for this, but I'm afraid it might be too close to advertising a site.Filed pro se, made it through the 341, discharged, Closed!!!
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