I want to foreclosue on an investment property. what happens next. what about chapter 7?

do i have to file chapter 7. If i do file, can I just wipe out the investment property and leave the rest of my credit cards etc. in tact.

It depends on how much you make and what the trustee thinks.

Under the new bankruptcy law that went into effect in October of 2005, bankruptcy applicants who wish to file under Chapter 7 must meet certain eligibility requirements based on a "means test." Under the "means test," if your current monthly income is less than the median income in your state, you can file for bankruptcy under Chapter 7.

As part of the new bankruptcy laws, people wishing to file for bankruptcy (under Chapter 7 or Chapter 13) must now complete a credit counseling program before they will be allowed to file a bankruptcy petition. In addition, bankruptcy filers must obtain debt management counseling before being allowed to complete the bankruptcy process. In order to comply with these credit counseling and post-discharge debtor education requirements, filers must work with agencies that have been approved by the U.S. Trustee Program (a branch of the U.S. Department of Justice that is responsible for overseeing bankruptcy cases).

You took on the debt. Why should you get to just walk away from it? Sell it and pay off the difference.

Sometimes INVESTMENTS end up in a loss. That is what investment risk is.

Chapter 7 may hurt you on your primary resident.... Try a shortsale, if it would work...