Legal Question in Bankruptcy in California

Re: bankruptcy law

The decision to file for bankruptcy and what type of bankruptcy you are eligible for is based on 4 main factors: (1) your income; (2) your expenses; (3) your debts; and (4) the value of your assets, including equity. You really haven't provided enough information to provide a proper evaluation of your case. If you file Chapter 7 bankruptcy, you might have to give up some of your non-exempt property. If you file for Chapter 13, keeping a rental property with a negative cash flow might not be feasible.

You should contact a local member of the National Association of Consumer Bankruptcy Attorneys for assistance. A consultation with an attorney will do probably answer many of your questions and concerns. In particular, ask the attonrey if you "pass" the means test.