Rentals and Bankruptcy

[Kansas]

I have 3 rental properties. Due to repair expenses and no income off the properties due to vacancy's I have accumulated substantial debt over the last 16 months. I basically lived off of credit cards during this time.

I am considering filing but would like to keep the properties. They are now or soon will be income producing properties. I have equity in all the properties, but less then 20% so I am unable to use this to reduce my debt. Also my dept to income ratio is to high. Will they make me give up these houses or will I be allowed to keep them since they are part of my income? (I also have a full time job)

I qualify for chap 7 according to the test. What chap will I likely have to file.

I also have a camper trailer that I owe my on then it is worth. Will I probably lose this?

[MomIcantFindmy]

I assume you are in Kansas? You would need to look at your states exemptions or possibly the state you lived in over the last two years.

Consult several BK attorneys in your area. Get free consults and ask the hard questions about your rental property. There are so many ways to answer your question without more information provided it would be nearly impossible.

[Kansas]

This is basically what the Kansas exemption says:

Real property or mobile home you occupy or intend to occupy to unlimited value; property cannot exceed 1 acre in town or city, 160 acres on farm

You are right, I need to talk to an attorney.

[HHM]

You won't be able to file chapter 7 AND keep the properties. (at least so long as there is equity in the rental props).

Your basic options are

1. File chapter 13 and KEEP the rentals
2. File chapter 7 and give-up the rentals.

[Kansas]

Thank You for making it very clear.

[gophermn]

HHM is correct - I also had a rental and my attorney is making me give it up for CH7.