Legal Question in Bankruptcy in Virginia

bankrupcy and keep your property

Is there a way I can file bankrupcy on 3 pieses of rental property I have and keep the property till it is paid for? I am buying with owner financing who is threating me with forclosure on the property but I want to keep it and pay for it. I have paid 12 years on it and I paid down 10,000 dollars on each unit. Thanks--name removed--anderson


Asked on 10/05/02, 9:23 pm

2 Answers from Attorneys
Daniel Press Chung & Press, P.C.

Re: bankrupcy and keep your property

A Chapter 11 or 13 will allow you to cure the defaults and pay them off over time, but whether such a solution would work for you would depend on your specific facts.

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Answered on 10/06/02, 12:14 pm
Tommy Andrews, Jr. Tommy Andrews, Jr., PC

Re: bankrupcy and keep your property

Your questions are nearly impossible to answer via internet. I would need to meet with you in person to able to assist your. I can say filing a chapter 13 will stop creditor actions such as foreclosure. However, a plan would need to filed and confirmed by the court to keep the creditors at bay will you resolve your issues with them. Best regards.

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Answered on 10/05/02, 11:24 pm


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