Legal Question in Bankruptcy in Minnesota

Multiple Mortgage Forclosure Vs Bankruptcy

I own 4 properties with negative equity and will be closing on a new primary and a 2nd home in mid april. I rent out two of the 4 properties and will rent out the 2nd home as well. I am current on all loans as of now. My credit is good but want to know if/when/how to walk away from the 4 properties since they are breaking me from loss of tenants.


Asked on 3/30/08, 9:20 am

1 Answer from Attorneys
Sam Calvert Calvert Law Office

Re: Multiple Mortgage Forclosure Vs Bankruptcy

You need to sit down with a bankruptcy attorney to review the situation. Way too many variables to be able to give any sensible advise based on 4 sentences. In general, you would have to assess the equity situation in both the home and the second home, and whatever other assets you may have, to see what is "at risk" if you file bankruptcy.

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Answered on 3/30/08, 7:17 pm


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