Question: How can I deal with a rental property which is under-secured (value is less than the mortgage(s)) and for which I am not receiving sufficient rent and income to cover the mortgage and monthly expenses?

One potential option in a Chapter 13 Bankruptcy (if one qualifies) is to propose a modification of the mortgage obligation. Although there are significant limitations in the bankruptcy code, the law does currently allow a debtor(s) to propose to modify a secured claim of a mortgage company on property which is not the principal residence. An example would be…