trying to understand my options....very complicated

[flaguy]

I plan on spending some time with an attorney or two in about 30-45 days..........just trying to get a grasp on what my options are......

long story very short, I am a self employed real estate developer, builder, landlord.........and have been fighting with the banks since the mid 2008.........my tax returns for the last years are -190K, -340K and I just filed 09 on friday for -56K........I mostly have been living on savings and the little bits of cash flow my rentals (all owned in separate LLC's) throw off.......I have a couple of judgements that total around 500K and I am expecting about double that to hit me in the next 12 months.......all from real estate projects..........I have never missed a car payment, have no credit card debt or any other debt just real estate related.........in 06 I had over 30M in debt and have that whittled down now to around 5M and the judgements are from friendly banks who worked with me and we have written agreements protecting me as long as I keep paying other loans.......but a few banks have become aggressive b/c of co signors on my loans and that is forcing my hand so to speak

Can I file ch 7 and keep my house (in fla) (underwater but thanks to a work out deal with that bank its 4% 30yr and I am happy there and after a few years when the markets stabilizes there will be equity, plus I have moved my office into what was the garage so its also a place to work from) with no income or no job.........

thanks to the last few years of fighting with the banks there isn't anything they really can get from me at this point but I also can not go forward with my life b/c I don't want to have accounts garnished once I find a way to start making some money again.....I don't mind losing the rentals that I have (again LLC owned) just want to keep my house and have a fresh start

[keepmine]

Fl. has an unlimited bk exemption {that doesn't matter since you're underwater} so yes, you can keep it as long as you stay current.

[flaguy]

don't I have to prove future ability to pay?

if its just keeping it current, thats not an issue in the least......

[DebtEnder]

with Chapter 7 all they want is what they can get to pay creditors. So long as you make the payments the bank is not going to take it from you and the TT can't take it as the bank holds interest, not to mention FL exemptions on house equity being unlimited(which you have none so, meh)

With a CH13 if the payment was high there might be some question, but tbh your debt would be to high for 13 and I assume you are looking at a ch7. Now the question you should be asking what debts do have co-signers for? Those debts while you will no longer be on the hook for, those who co-signed, will be liable still.

[ccsjoe]

It sounds to me like you need to file CH7 non-consumer, which means no means testing, etc. Yes, you can keep you current home, the trustee will not be concerned with your ability to pay; this is not his/her problem. I would suggest you visit a bit more than one or 2 attorneys though. Your case, from the very brief details you spell out here, could get bungled in a heck of a hurry and you want someone representing you that you have full faith and trust in. Find the one you are comfortable with for your style and level of trust.

Good luck and keep reading and asking questions here.