Future Rental Income

[HOMEBODY]

On my expense schedule I dont know if I should put the future rental income. My rental house has been vacant for over a month and I finally have it all repaired and have a very good prospective tenant to rent it out for $2400. Right now on my schedule I have a deficit of over $2400.

I am afraid that if I dont put some income to make up for that difference, they will force me to sell the house. These are serious tenants and I dont want them to move there and then told they have to move.

Anyway, my biggest fear about filing for BK is that they will tell me to sell my rentals, I can afford to pay for the rentals once they are modified and I get rid of the cc's.

Do I list the future income or keep the deficit of over $2400?

I was going to file Friday but changed it Monday to really look at this more thoroughly and get your opinions.

Thanks

[justbroke]

The only way you'll be forced to sell the rentals is if a.) they have equity that you can't exempt or b.) you are behind in payments. Even if you're behind in payments, you won't be forced to sell, but the creditor could get a relief from stay to pursue foreclosure.

Your case should be a non-consumer case if you have multiple properties that are investment properties. However, your need for "modifications" reads to me like you can't afford them right now. Make sure your strategy aligns with reality. Make sure you're willing and able to get rid of the rentals because the whole purpose of this exercise is to get a fresh start.

[HOMEBODY]

I want to modify them so that I can come out a bit ahead each month and make up for the repairs and property taxes. The last year has been brutal with the 2 tenants basically destrying the properties..Had to paint, fix in and outside the house.

I have prepared BK in the past for other people so I feel comfortable putting all the basic information and being as truthful as I can on these forms..just not sure if they will force to sell if I am behind on payments like I am right now. I finally have tenant in one property and I have another one in the application process on the other, but dont have the money yet so I am not sure if I have to put down the rental income on those properties since that would not be truthful as I havent received that money yet. The rental will be $2400, but right now I am negative about $2500.

I am guessing if things go bad during the process I can dismiss and refile again with an attorney if I have to..just dont see why if everything is filled out accordingly. I have gone to 3 attorneys and they have all said they didnt see a problem with my BK and I wouldnt be losing my properties...just the fear and doubt right now is killing me