Posted on: 22nd Sep, 2008 08:14 pm
4 investment properties that we had for over a year and have paid over 10,000 on and have no more money to pay and they will be going in forecloser so we wre told that filing a busness chapter 13 the mean law wouldn't apply
hi guest!
welcome to the forums!
chapter 13 bankruptcy is mainly filed by debtors who are either self employed or have a regular source of income. this type of bankruptcy is also known as reorganization bankruptcy. filing chapter 13, the debtors are able to reorganize their finances by paying the debts with the help of a suitable pay-back plan. this generally helps the debtors to become debt free within 3 to 5 years. however, you should remember that filing a bankruptcy will damage your credit score to a large extent.
you can consult a real-estate attorney and see if you can qualify for a short sale or a deed in lieu. either of these will not be damaging the credit score as bankruptcy will.
feel free to ask if you have further queries.
sussane.
welcome to the forums!
chapter 13 bankruptcy is mainly filed by debtors who are either self employed or have a regular source of income. this type of bankruptcy is also known as reorganization bankruptcy. filing chapter 13, the debtors are able to reorganize their finances by paying the debts with the help of a suitable pay-back plan. this generally helps the debtors to become debt free within 3 to 5 years. however, you should remember that filing a bankruptcy will damage your credit score to a large extent.
you can consult a real-estate attorney and see if you can qualify for a short sale or a deed in lieu. either of these will not be damaging the credit score as bankruptcy will.
feel free to ask if you have further queries.
sussane.