Legal Question in Credit and Debt Law in California

You can't expect any kind of valid answer to a question as complicated as whether or not to file for bankruptcy based on so little information. The only things I can tell you are: 1) you need to talk to a bankruptcy attorney in person; and 2) if they don't at least discuss Chapter 13 in your circumstances, find another lawyer.

A bankruptcy court can rewrite the loans on your rental income in a Chapter 13, or a Chapter 11 if your assets or debts are sufficiently large. Yes, consulting a bankruptcy attorney will be a good decision.