Consumer Debt vs. Non Consumer (Need HELP!)

[Dollar Bill]

I am almost freaking out here!

I posted a similiar question approx 4 mos ago.

Does anyine know where I can read up on what may not be considered cnsumer debt?

I believe HHM helped me the last time. My atty and I are going back and forth over two rental properties I have. They are single family homes out of state.

1 - Is a rental and is currently rented.

2 - Was a rental....I then sold the home on a contract last August. The seller has until this August to get financed or he becomes a renter. (Ofcourse I won't do that)

Is the house #2 considered SOLD? Are both of these homes NON-CONSUMER DEBTS?

My atty seems to think they should be apartment buildings in order to be considered non consumer.

[HHM]

The 2nd house is NOT sold until the deal has CLOSED and the deed is re-written and recorded.

Maybe you should see another attorney. Investment properties are not/should not be considered consumer debt. Consumer debt is debt incurred for family and household use. When you charge a Plasma Screen at Best Buy, that is CD, when you buy clothes at JC Penny, that is CD, if you take a cash advance to gamble, that is CD. But taking a mortgage on additional houses that you have clearly used as rental properties, that is a business.

[Dollar Bill]

Thanks again HHM for clearing that up.

I just read something about non CD. It mentioned that most ways people prove it is on their tax return. I have reported those homes for years now as business rentals.

I did some calculations and it looked like I may have more CD than Non CD. Once I take the homes off, I'm clear.

Thanks again.