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Question: Bankruptcy - Illinois

Asked on 6/15/2009
Can I reaffirm my rental properties if they are current and they have no equity?
I am out on long term disability due to shoulder surgery. I live in a home in Illinois, maybe $5000 equity. I rent out a small home down the street, $400 monthly income...maybe $5000 equity. I own a home in Florida, minus - equity...owe $160,000 worth about $130,000 now. All mortgages are current. Can I reaffirm them in Chapter 7? Have a car $13500 worth 8,000...and about $22000 in credit card debt. Any direction appreciated. I have a potential renter for the FLorida home that would cover all of my costs.

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Answers (1):

AttorneyPages has verified that this person is an attorney.

You will be able to reaffirm all of the debts you are referencing as long as they are not considered undue hardships and each secured creditor accepts the reaffirmation. I hope my answer is helpful, please contact my office for a free consultation if you have any other questions.



  • Answered on 7/1/2009
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