Can you keep rental property and still file bankruptcy if you are current on all the mortgages? Wisconsin
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It depends.
1. Vis-a-vis the mortgage company, yes. So long as your current, the lien holder cannot do anything.
2. Vis-a-vis the BK trustee, depends on if you have equity. If you have equity, the trustee will either force you to liquidate, or you will need to make payment arrangements with the trustee to pay over the value of the equity.
Rental property is like any other asset in BK, if it has equity it either must be exempted or somehow paid into the BK estate. -
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