Attorney for Struggling Property Investors
Did you buy an investment property in the hope of attracting paying tenants, only to find that as economic times have gotten tougher, people who can pay their rent on time are becoming fewer and farther between? Has the interest rate on your adjustable rate mortgage gone up to a level you cannot afford?
Are you looking for a way to minimize the negative impact of your property investment on your family and your personal finances? If so, bankruptcy may be the right choice for you.
I am Thomas F. McGrath, Jr., an experienced Washington bankruptcy lawyer who has helped investment property owners like you find solutions through bankruptcy. Contact me to learn more and to discuss your options. Based in Bellevue, I serve clients throughout the Seattle area.
Helping You Make It Through Difficult Conditions
Many investment properties are owned by people who never intended to be full-time landlords but were looking for some additional income. Now, due to the current economic downturn, these properties may be vacant or only rentable for less than the cost of the mortgage, taxes and insurance. Often, the property is now worth less than the mortgage debt owed.
If you own an investment property that is draining away your income and you are not able to sell it, you may be wondering how long you can hold out.
When you are not a big institutional property management company, tough market conditions can be particularly brutal. Bankruptcy may be a way to make it through these conditions, or it may be a way to give up an investment property you no longer want to deal with.
Exploring Your Full Range of Options and Issues
I help investment property owners explore their options under the Chapter 7 and Chapter 13 bankruptcy procedures. Depending on your specific goals, bankruptcy may allow you to avoid foreclosure on your investment property or liquidate the property more effectively.
In chapter 13, the secured debt cannot exceed $1,010,650.00 and the unsecured debt cannot exceed $336,900.00.
I am skilled at dealing with the unique issues that arise in rental property situations, including the impact of bankruptcy and foreclosure on lease agreements with tenants. To discuss whether the bankruptcy process can help you avoid the worst consequences of an unprofitable investment property, contact me today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
