What will happen if I file chapter 7 and will I be allowed to keep my RV no equity in it? 8 Answers as of August 08, 2017

My 2 rental houses are free and clear.

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to see local counsel. The rentals are an issue.
Answer Applies to: California
Replied: 8/8/2017
Stephens Gourley & Bywater | David A. Stephens
It is hard to say about your rv. If there is no equity, you can probably keep it as long as you pay for it. You could lose both rental homes to the trustee.
Answer Applies to: Nevada
Replied: 8/7/2017
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
If you own two rental houses "free and clear" you may not want to file a chapter 7 case. You don't say if you intend to keep them or not. If you don't care about keeping them it might work out for you. From what little you have written it sounds like the chapter 7 trustee would sell your houses to pay the creditors. Please speak with a local knowledgeable bankruptcy attorney for advice. Bankruptcy is NOT a DYI project.
Answer Applies to: California
Replied: 8/7/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
Whether you would be able to keep your RVs with no equity would be a decision for your bankruptcy trustee to make is you decide to file Chapter 7 bankruptcy. For sure, you will not be able to retain 2 rental properties if you file Chapter 7. You may want to look for a different solution to your financial problems other than through bankruptcy because you stand to lose a lot.
Answer Applies to: Nevada
Replied: 8/7/2017
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You have a lot to lose. Pay an experienced BK attorney for one hour of their time. Now is not the time to skimp!!
Answer Applies to: Colorado
Replied: 8/7/2017
    Ronald K. Nims LLC | Ronald K. Nims
    In a Chapter 7, you're allowed to keep any assets with no equity - as long as you make the payments. Since you have two rental houses owned free and clear, you would lose those. It sounds like a Chapter 13, where you'd be allowed to keep all your property would be a better choice.
    Answer Applies to: Ohio
    Replied: 8/7/2017
    Law Office of Kimberly Fives | Kimberly Fives
    If you are eligible to file chapter 7 you might be able to keep your RV if you can prove there is no value or at least very little. As for you rental properties: depending upon how much debt you need to discharge those properties could be at risk. The trustee (person assigned to handle your estate while in bankruptcy) can order the sale of the properties to satisfy your creditors. There are exemptions allowed and a certain amount of money you are permitted to keep under the law. It's important you talk to a bankruptcy lawyer before proceeding in bankruptcy.
    Answer Applies to: California
    Replied: 8/7/2017
    Patrick W. Currin, Attorney at Law | Patrick Currin
    You will be able to exempt a vehicle with no equity. Two houses may make filing a poor option however.
    Answer Applies to: California
    Replied: 8/7/2017
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