{"id":875,"date":"2018-05-08T11:34:39","date_gmt":"2018-05-08T16:34:39","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=875"},"modified":"2018-05-03T11:43:58","modified_gmt":"2018-05-03T16:43:58","slug":"rental-property-filing-for-bankruptcy-windom-mn","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/","title":{"rendered":"Handling a Rental Property When Filing for Bankruptcy in Windom, MN"},"content":{"rendered":"

When filing for bankruptcy, you\u2019ll have to take all your property into consideration. Your home, car, and even expensive jewelry are part of your bankruptcy estate<\/a> and will be handled according to the exemptions you can claim<\/a>, the equity in your property<\/a>, and any additional claims your creditors make. Whether you file for Chapter 7 liquidation bankruptcy or Chapter 13 reorganization bankruptcy, there is a possibility that you might not be able to retain all of your property in the process. With the professional guidance of Behm Law Group, Ltd. attorneys, you can find the optimal solutions to resolving property issues and protecting your property when\u00a0 filing for bankruptcy in Windom, MN.<\/p>\n

One of the biggest concerns for homeowners filing for bankruptcy is whether or not they\u2019ll lose their home in the process. That\u2019s where the homestead exemption<\/a> comes into play, protecting most homes from liquidation during Chapter 7 bankruptcy. Because debts are restructured in a Chapter 13 case, homeowners generally don\u2019t have to worry about losing their homes in Chapter 13 bankruptcy.<\/p>\n

However, there are cases where a filer owns multiple rental properties in addition to one\u2019s principle residence. The homestead exemption you can use to protect your primary residence isn\u2019t applicable to rental properties, so it can be more difficult to keep rental properties when filing for bankruptcy.<\/p>\n

Rental Property in Chapter 7 <\/strong><\/h3>\n

If you have equity on your rental property and its value is higher than the debt you owe, you probably want to hang onto that property. To try and protect your rental property from liquidation during the Chapter 7 filing process, you have to assert an exemption claim. Because you can\u2019t use the homestead exemption, your only choices include a portion of the un-used federal homestead exemption (up to $11,850) and the federal wildcard exemption<\/a> (adding another $1,250). In Minnesota people can elect to utilize either the state or the federal exemptions, so it\u2019s possible you can protect some value in your rental property depending on its worth versus how much debt is against it. If the value of your rental property is less than the debt against, the trustee will not attempt to liquidate it because the entire value is extinguished by the debt against it.\u00a0 Essentially, the creditor that holds the mortgage or other secured lien has full and complete rights to it.\u00a0 Generally, you can keep making mortgage payments on the rental property outside of bankruptcy.<\/p>\n

Rental Property in Chapter 13 <\/strong><\/h3>\n

In Chapter 13, your property debts are reorganized with other applicable debts<\/a> into a three to five year<\/a> repayment plan. This means you\u2019ll be able to keep your rental property and continue making the monthly payments on it.\u00a0 However, you can only do this if there is equity or value in the rental property above the debt you owe against it and the property generates a positive income for you.\u00a0 In other words, the income you receive from the rental property must exceed the associated monthly expenses (mortgage payment, utility payments, property tax payments, insurance payments, etc.). If the rental property generates negative revenue, however, you will be required to surrender it in Chapter 13. You may also be able to find options to cram down<\/a> or strip liens<\/a> off to keep a rental property that generates a negative cash flow.<\/p>\n

Find Professional Help When Filing for Bankruptcy<\/h3>\n

If you\u2019re considering filing for bankruptcy in Windom, MN and own rental property, Behm Law Group, Ltd. can help you work to retain that property during the bankruptcy process. Contact us <\/a>at (507) 387-7200 for more information about filing for bankruptcy and how our expert bankruptcy attorneys can help you.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

When filing for bankruptcy, you\u2019ll have to take all your property into consideration. Your home, car, and even expensive jewelry are part of your bankruptcy estate and will be handled according to the exemptions you can claim, the equity in your property, and any additional claims your creditors make. Whether you file for Chapter 7 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37,31,35,30,29,34],"tags":[],"aioseo_notices":[],"yoast_head":"\nHandling a Rental Property When Filing for Bankruptcy in Windom, MN - Behm Law Group, Bankruptcy Attorneys<\/title>\n<meta name=\"description\" content=\"When filing for bankruptcy, assets such as a rental property can complicate things. Learn more and find professional help today!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Handling a Rental Property When Filing for Bankruptcy in Windom, MN - Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"og:description\" content=\"When filing for bankruptcy, assets such as a rental property can complicate things. Learn more and find professional help today!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/\" \/>\n<meta property=\"og:site_name\" content=\"Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-08T16:34:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-05-03T16:43:58+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/\",\"name\":\"Handling a Rental Property When Filing for Bankruptcy in Windom, MN - Behm Law Group, Bankruptcy Attorneys\",\"isPartOf\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\"},\"datePublished\":\"2018-05-08T16:34:39+00:00\",\"dateModified\":\"2018-05-03T16:43:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\"},\"description\":\"When filing for bankruptcy, assets such as a rental property can complicate things. Learn more and find professional help today!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Handling a Rental Property When Filing for Bankruptcy in Windom, MN\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\",\"name\":\"Behm Law Group, Bankruptcy Attorneys\",\"description\":\"Bankruptcy News & Recent Cases\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Handling a Rental Property When Filing for Bankruptcy in Windom, MN - Behm Law Group, Bankruptcy Attorneys","description":"When filing for bankruptcy, assets such as a rental property can complicate things. Learn more and find professional help today!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/","og_locale":"en_US","og_type":"article","og_title":"Handling a Rental Property When Filing for Bankruptcy in Windom, MN - Behm Law Group, Bankruptcy Attorneys","og_description":"When filing for bankruptcy, assets such as a rental property can complicate things. Learn more and find professional help today!","og_url":"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/","og_site_name":"Behm Law Group, Bankruptcy Attorneys","article_published_time":"2018-05-08T16:34:39+00:00","article_modified_time":"2018-05-03T16:43:58+00:00","author":"admin","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/","url":"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/","name":"Handling a Rental Property When Filing for Bankruptcy in Windom, MN - Behm Law Group, Bankruptcy Attorneys","isPartOf":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website"},"datePublished":"2018-05-08T16:34:39+00:00","dateModified":"2018-05-03T16:43:58+00:00","author":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b"},"description":"When filing for bankruptcy, assets such as a rental property can complicate things. Learn more and find professional help today!","breadcrumb":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/rental-property-filing-for-bankruptcy-windom-mn\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.mankatobankruptcy.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Handling a Rental Property When Filing for Bankruptcy in Windom, MN"}]},{"@type":"WebSite","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website","url":"https:\/\/www.mankatobankruptcy.com\/blog\/","name":"Behm Law Group, Bankruptcy Attorneys","description":"Bankruptcy News & Recent Cases","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/875"}],"collection":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/comments?post=875"}],"version-history":[{"count":8,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/875\/revisions"}],"predecessor-version":[{"id":883,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/875\/revisions\/883"}],"wp:attachment":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/media?parent=875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/categories?post=875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/tags?post=875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}