"Can I File for Bankruptcy When I Own More Than One Property?"
Experienced Legal Counsel and Legal Assistance Regarding Investment Property
Bankruptcy laws are highly complex. There are, therefore, numerous misconceptions regarding the realities of bankruptcy laws and the effects of filing for bankruptcy. One common misconception is if a filer owns multiple properties, the properties will be lost in bankruptcy.
In fact, bankruptcy often does not lead to the loss of multiple and investment property. Generally, the determining factor is equity:
- If the filer has equity in the properties, the properties may be lost. This is because the equity can be used to pay off creditors once the properties are sold.
- If the filer does not have equity in the properties, the properties may be kept. This is because creditors will likely not benefit from a sale of the properties. This is especially true if the home is an income property.
If you own multiple properties and need information and help regarding reducing debt and/or debt payments, contact the experienced bankruptcy attorneys of Sobti Law Group. We can provide strategic and knowledgeable legal help regarding the advisability of filing bankruptcy with an investment property.
You may be able to retain your multiple properties after filing for Chapter 7 and Chapter 13 bankruptcy. For knowledgeable bankruptcy legal help in Southern California, call 888-627-8013.
Owners' ability to retain rental properties through bankruptcy is decided on a case-by-case basis. If you own multiple properties and face unmanageable debt, it makes sense to consult with a professional to determine your most cost-effective option.
The lawyers of Sobti Law Group have handled hundreds of bankruptcies, including numerous bankruptcy cases involving investment property. Our track record is excellent, and initial consultations are free. For more information, contact us at our Beaumont, Corona, Riverside, San Bernardino, Chino, Orange, Rancho Cucamonga or Palm Springs office.
Contact Us
The Orange bankruptcy attorneys at Sobti Law Group offer free consultations, are available for Saturday appointments by request, and speak English and Spanish as well as Armenian, Russian, Arabic, Persian, Hindi and Punjabi. To contact Sobti Law Group or U.S. Law Center, call 888-627-8013.
