What is the name of your state?
Florida
I was one of those who bought several investment properties (eight in may case) starting in 2005 and after several evictions and related tenant and property problems, and maxing out two lines of credit for a total of $270,000 (one in my home which I am assuming will have to pay if I want to keep my home) can not keep up with the $5,000 negative cash flow any longer.
We are a family of four and our household income is $90,000, and we have $25,000 in credit card debts. My credit score was 740 and I bought no doc so all my mortgage applications were completed accurate. A friend tells me that I can file a business bankruptcy under chapter 7 instead of the 13 because the debts that I want to place in bankruptcy are my mortgages which I am upside down in all of them, plus my credit cards debt. Is this true.
Thank you very much
Florida
I was one of those who bought several investment properties (eight in may case) starting in 2005 and after several evictions and related tenant and property problems, and maxing out two lines of credit for a total of $270,000 (one in my home which I am assuming will have to pay if I want to keep my home) can not keep up with the $5,000 negative cash flow any longer.
We are a family of four and our household income is $90,000, and we have $25,000 in credit card debts. My credit score was 740 and I bought no doc so all my mortgage applications were completed accurate. A friend tells me that I can file a business bankruptcy under chapter 7 instead of the 13 because the debts that I want to place in bankruptcy are my mortgages which I am upside down in all of them, plus my credit cards debt. Is this true.
Thank you very much