Should I file bankruptcy along with or after I am forclosured? I have Several rental homes and my primary home they are going into foreclosure. If the houses are forclosed then they stay on the market for a year or more, I understand the lender can make me pay the difference between what I owe and what the house sells for. IT would be like sitting on a bomb never knowing if or when it will go off.
The property values in Colorado have fallen below what I owe already, realistate agents won't even list them and thing are getting worst every day.
How do I protect myself and start over if one, two or more years from now they tap my salary and bill be thousands, owed on the houses.

A lot will depend on your attorneys views, some will tell you to let them foreclose first others say to do the bankruptcy.

Why are rental going into foreclosure, your rent should be making those payments??

And real estate agent won't list them, find another agent, agents will list anything, since there is always a chance you apply for a short sale and they still get a little money. The agents are fools, since listing makes agents more money since they get paid if anyone sells it.

So in general what my personal attorney has told me, was that they would let the houses go into foreclosure, since that will first take months to happen, and you can try and sell them, arrange a short sale or more while that is happening. Even deed instead of foreclsoure where you turn over the deed to them.

But then you are free to file if you meet the income levels

It is a personal choice; file Chapter 7 now and get the debts discharged. Or, wait until foreclosure is over, months from now, and list them then. In either case, you will have to list in the bankruptcy petition all of your creditors. Some people battle to the bitter end, beating themselves to pieces all the way; others say, heck, let's get this over with. It is a personal choice.

Did you not purchase the rentals under a corporate umbrella? If not, you made a HUGE mistake by doing so. If you had, you could separate the business problems from your personal finances.