Keeping Investment Property in Bankruptcy
Some people find the idea of “being their own boss” to be more attractive than working for an established company. Small business owners do this by opening a restaurant or boutique, but some choose to pursue real estate as a way of building wealth. But with the recent economic downturn, what happens to investment property if the owner has to file for bankruptcy? Can a debtor keep rental property if they are going through bankruptcy?
Qualifying for Bankruptcy as a Property Owner
Financial means does not determine who files bankruptcy: a person living on $30,000 a year may have the …