Legal Question in Bankruptcy in California

I have 40,000 credit card debt with an income of 1,700 a month take home. My employeer had me sign a person guarantee on some advertising (it was in very small print) and he can not pay right now because like so many others is just trying to stay afloat. Now they have come after me personally. The debt is 27,000 I have no way of paying this and nighter can my employeer. The only assests I am concerned with if I can even file anything it I have 2 homes. 1 is the primary residance, the other is my daughters residance where she works her hourse business out of. This one is not worth what we paid for it right now. In fact the taxes have came down because it is worth around 150,000 less then what we owe. Is there anyway that I can file and still keep both homes?


Asked on 8/18/09, 6:37 pm

2 Answers from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

I don't think a lawyer can give you a "yea" or "nay" based upon the information you have provided. You definitely should seek a consultation with a bankruptcy attorney in your area to discuss these issues.

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Answered on 8/18/09, 7:22 pm
Bryan C. Becker Your Lawyer for Life.

Your employer should have have bound you personally to the debts of the company. Before you file for bankruptcy this need to be explored more. What was your business relationship? I suggest you seek the timely advice of an attorney.

Best,

Bryan

Bryan C. Becker

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Answered on 8/19/09, 9:44 pm


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