I'm in a terrible mess this year. Everything was going fine up until this year when people started not paying rent to me, evictions, damage to properties, my flips not selling. Right now I have 4 investment propertes that have no equity in them; I probaby owe more on them than they are worth. I have 4 properties that possibly have $15-$20,000 equity in each of them. Me and my husband work; we gross approximately $56,000. If I would file a chapter 7 on all my properties except my home and 1 of my flips (that we may move into), I still can't make it after I pay for my 2 cars, my home, health insurance, etc even on the $56,000 a year. I take it if I file on the properties with no equity, they could possibly take my other houses with equity correct? The way it looks, the only way for me to make it, is sell all my properties quickly (which I have been trying to sell over a year) or file bankruptcy on everything except 1 house, but what do I do about a vehicles then? I've looked at everything; chapter 13, chapter 7, foreclosure and I just can't figure out what to do. I'm driving myself crazy.
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That is because flipping houses is a thing of the past.my flips not selling
If they see you cant afford to pay your mortgage then there is a good chance they wont let you keep it any way. Go to your state and see what exemption amounts you are allowed & how much in assets you get to keep in ratio to your income. This will help you to see things better in what you want to protect and let you know what you must let go of & what chapter is best for you.
It sounds like you want to keep two homes but first you have to see if your state will let you do it that way.
Since you are using both yours & your spouses income, go down the list as filing jointly and double up your exemptions too
That is not advice, rather something to get you started so you know where you stand in this & can figure out what is best for you.
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