Means Test versus Abuse Test
I have 3 investment properties with a total mortgage amount of $360K. The only consumer debt I have is $240K mortgage on my current home. Can I file Chapter 7 because I have primarily business debt? I've heard that allows me to skip the means test. However, I make a yearly salary of 100K. I do not have any atypical expenses. Just normal living + primary mortgage.
I've been told I won't pass the "abuse" test. My 3 investement properties combined are only worth 100K (total) and I simply can't keep paying on such a terrible investment.
Is Chapter 7 an option for me?
I've been told I won't pass the "abuse" test. My 3 investement properties combined are only worth 100K (total) and I simply can't keep paying on such a terrible investment.
Is Chapter 7 an option for me?