Chapter 7 questions

[kw1025]

i have not filed, but thinking of it. I have rental properties with some equity, but i want to keep them. Will the trustee buy them back? how much will they expect? and do they offer a time period to pay back?

[AngelinaCatHub]

Your equity in these properties may not allow a C7. If you wish to keep them a C13, otherwise, once filed, the Trustee owns them. They will give you an opportunity to purchase your stuff back, but realistically, if you can purchase a big item back as two rental properties, I don't think you can go C7. Not knowing all your history or the costs, you will forfeit in a C7 everything unless the Judge allows a buy back if you can afford it. 'Hub

[kw1025]

Thanks for the quick reply

i have a BK attorney and due to my high amount of dedt, especially with underwater properties, i cannot do a 13. He said i would qualify for a 7 because my debt is mainly NOT consumer debt, it is business debt guarenteed by me. He said that the trustee would probably take a buy back amount, i have about $40,000 equity in rental property. becuase of my high income, i would be able to do this over a year or so. This board has really been a help. I am a procrastinater though. My accountant and personal lawyer said this is the best thing to do. I am only 42 and make well into the six figures, but my debt (real estate and business) is very high. Total assets like 1.4 mill, liabilities like 2.1 mill. I want to file so bad, but i just can't seem to come to terms with it