Legal Question in Bankruptcy in California

can i protect my self and my building under chapter 13?
there is a huge judgement coming against me, and i will appeal, but i have 2 small apt building, and i am living in one of apt, can they takeaway and i have a huge loan on them, and judgement also is over 1300000$ any attorney special in this area? thisis the only income also for me with my healt condition.

Asked on 12/01/08, 1:57 am

3 Answers from Attorneys

Charles Shamash Caceres & Shamash, LLP

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Re: can i protect my self and my building under chapter 13?

Sounds like you may not qualify for Chapter 13 due to the debt limits. With two properties you may be inelucible. Also if judgment is awaiting entry it may not be considered contingent and unliquidated.

Answered on 12/01/08, 2:23 am

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Robert Mccoy Law Office Of Robert McCoy

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Re: can i protect my self and my building under chapter 13?

In short, to qualify for a chapter 13, you cannot have more than approx. $1,000,000 in secured debt, and no more than approx. $300,000 in unsecured debt. The expected judgment is way above the $300k mark. So it appears you may not qualify for a Chapter 13. You may need to look into other options including a Chapter 7 or Chapter 11 bankruptcy, asset protection, or Social Security and Disability. Sometimes, you can obtain a stay of enforcement of judgment pending an appeal, but you will usually be required to post a bond.

Answered on 12/01/08, 12:38 pm

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