My investment property is taking too long to foreclosure and the condo association is already filing a law suit against me.

There is a lot of information that would need to go into making a decision about what is the best option for you. I would schedule a consultation with a bankruptcy attorney for advice beyond what is available in the "free consultation." Hope this perspective helps.

You don't say why it is that the foreclosure process is taking "too long". If you are filing a bankruptcy anyway, it is generally - but not always - better to dispose of the investment property first. A short sale is almost always worth pursuing, but there are exceptions to that as well. The solution that works best for you requires a more in-depth factual review. You definitely need the assistance of a lawyer to let you know all of the potential consequences.

I suggest you use the rent to pay the condo association. The rent should be more than than the fees. I have had several clients of mine pocket the rent net of utilities and condo fees for months if not a year or two as they await foreclosure. A short sale may make some sense as it allows for an orderly transition and avoids a foreclosure on your credit report.. Tax consequences require consultation with an accountant.

With all due respect to the attorney not licensed in Massachusetts, her response makes no sense. It sounds like you are willing to let the property go. There is zero reason to file for bankruptcy. Go ahead and try to short sale the property. Or, you can try a "deed in lieu of foreclosure" where you essentially give the property over to the bank. One piece of advice - do not do this yourself. These contracts are not standard, and you do not want to end up liable for a "deficiency" with the bank. Speak to someone who regularly does foreclosure work.