Probably not. The value of the property and the rental income stream will be treated as assets in bankruptcy, and the homestead exemption won’t apply since it isn’t your primary residence.
That doesn’t mean you’ll necessarily lose the rental property, but if your intention is to keep it, you’ll have to take a more strategic approach to your bankruptcy filing.
The attorneys at Zelenitz, Shapiro & D’Agostino help our clients protect the assets they care about in bankruptcy.
We can help you understand your options and map out an approach that makes sure you are able to get clear of debt today and have a happy retirement when you’re ready to stop working. Call us today at 718-599-1111 for a free consultation.