Help me analyze my situation please.

[Gaiaplay]

Hi guys. I'm from California and own a dental business. I own 5 houses under my name in the title and the loans.

I want to save these houses because my siblings are living there.

The problem now is that business is slow and my business debts are filing.

My questions are...

1) Is there a program that can help me re-structure my mortgages and credit card debts without filing bankruptcy?

2) Also how true is this? If I file bankruptcy, I am obligated to only maintain one house and forgo the others.

3) I also have an unsecured credit card debt of around 900k USD which is taking a big chunk of monthly proceeds of the business. If I can reduce this somehow, the business will be able to gain some cash flow again.

[DeadManCrawling]

Do you receive rental income from your siblings? Are the houses upside down in terms of equity?

[beachchick]

I too have rental property and I got to keep it with my Chapter 13, I got to keep everything, apartments, rental houses, my house, cars, etc. Is this a great country or what. The mortgages on the apartments and my house are being made directly to the bank, they were not part of my bankruptcy. good luck.....

[SMinGA]

Unless this is a typo, chapter 13 is not an option. Your unsecured debt exceeds the maximum unsecured debt for chapter 13. I understand chapter 11 is the alternative, but very costly. That is the extent I know about chapter 11.

3) I also have an unsecured credit card debt of around 900k USD which is taking a big chunk of monthly proceeds of the business. If I can reduce this somehow, the business will be able to gain some cash flow again.

Chapter 7 may be an option, if the majority (not sure what % is required) of your debt is business debt. I understand the means test is not required when its non-consumer debt. Not sure that you'll be able to maintain the properties however.