This all depends on several factors, but here is the general rule. Generally, if you have a rental property that you are receiving monthly rents on and plan on filing a chapter 7 bankruptcy the rental income may belong to the mortgage lender. Please
refer to your mortgage and note for details, but often rental income is assigned as part of the mortgage. If you were to file a chapter 7 or 13 bankruptcy, you may still not be able to keep the income from the rental property. In a chapter 7 bankruptcy, the bankruptcy estate would own the rental property and the bankruptcy trustee would be the proper party to collect the rental income. Even if you receive the rent paid to you directly, you may be required to turn over the rent to the bankruptcy trustee. If you file a chapter 13 or reorganization, the rental income may be used in calculating your income for purpose of determining your discretionary income and ultimately your chapter 13 plan payments.
If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Bankruptcy gives protection to people in financial trouble who are drowning under piles of debt. Because of today’s difficult economic times millions of people are exercising this protection of filing bankruptcy, Chapter 7 or Chapter 13. The bankruptcy laws were created by Congress to provide relief to those who have been victimized by the rising rate of unemployment, inflation, staggering medical bills, disability, high interest rates, foreclosure, divorce or identity theft.
We are a debt relief agency and can help you reduce or eliminate your liabilities and keep your property. We help people file for bankruptcy relief under the U.S. Bankruptcy Code. We can assist you and your loved ones with filing for bankruptcy and the avoidance of judgments. To review the fees and costs associated with filing bankruptcy visit our bankruptcy page. Contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200.
Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-780-1100. Save an additional 25% off the bankruptcy fees by scheduling your appointment online.
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