Yes, you can. But just like the real estate that you actually live in, there are certain criteria that you should be aware of when you file a Missouri bankruptcy. Dealing with real estate in such a judicial filing can be tricky, so it is definitely in your best interest to understand all the rules and regulations.
Of course, how a piece of real estate is handled is determined by which chapter of bankruptcy you file. In a St. Louis Chapter 7 bankruptcy, so long as the real estate in question does not have any equity, then keeping all the properties is fine. You just continue making the regular monthly payments. And in this economy (specifically this real estate market), it is a rare occurrence when a piece of real estate actually has equity (i.e. value above and beyond the current balance of the loan). Of course, if you wish to get rid of any real estate that you currently own, you may do so in a Missouri Chapter 7. In fact, you may keep some real estate, and surrender others. For example, if you have an ownership interest in five pieces of real estate, but you only want to keep two of them, you may surrender the other three (and get out from underneath the debts associated with them).
On the other hand, if the real estate you own does in fact have substantial equity (like in the case of a house that is paid-in-full), then you may wish to file a St. Louis Chapter 13 bankruptcy. Such a filing ensures that your secured assets are kept safe from liquidation. A Missouri Chapter 13 is described as a repayment plan over the course of three to five years in which certain debts are paid back. If you own multiple pieces of real estate in a Chapter 13, then the mortgage payments of those homes are included in your monthly plan payment to the Trustee (who then disperses funds to the creditors listed in your plan). In addition, if any of the mortgage loans on the real estate are delinquent, it is possible to put that debt inside the plan as well. This spreads out the amount owed over a period of years (as opposed to coming up with one lump sum).
Either way, it is in fact possible to hold onto all of the real estate that you currently own. But if you wish to surrender any of the property, it is possible to this as well. Depending on what your goals may be, filing a Chapter 7 or Chapter 13 can help put you in the kind of position you wish to be. The affordable St. Louis bankruptcy attorneys at The Law Office of Jennifer Alter-Rieken have been guiding people through the bankruptcy process for years. Our goal is to make sure you are given all the pertinent information you need to make the best decision you can. All phone conversations and office consultations are free of charge, so make an appointment today!