First Post Quick Question

[lnemup]

Just getting started in researching. Had a real quick question I cant seem to find the answer to as of yet.

Is owning 2 homes one a rental that I have to payback on every month, the other I live in and am having troubles making the payments on.

Is owning 2 homes helpful/disasterous/make no difference in trying to qualify for a chapter 7?

Thanks in advance

[keepmine]

Makes a difference if the equity in your primary dwelling is above the equity your state exempts. The rental is an asset and likely won't be able to keep it unless, you're in a Chapter 13.

[lnemup]

Thanks for your reply. Not trying to keep the rental at all. Rental owe 345k selling in the neighborhood for low 200's, primary residence owe 450k lucky to get low 300k. My area here in Va got hit extremely hard, and houses from 2 years ago are in the 30-50% depreciation.
Again with the info I just listed is this helping or hurting towards a 7?

[lrprn]

Whether surrendering the rental helps or hurts towards filing Ch 7 is dependent on whether your VA court allows you to add in the rental mortgage payment or not when you know you are going to surrender it when you file.

If you've discussed your situation with a VA bankruptcy lawyer, what does he/she say? If you haven't met with several VA bk lawyers yet, it's time to set up free or low cost initial consultations with 3-4 of them now. You'll learn a great deal about what's going to be possible and what isn't if you do decide to file.