Legal Question in Bankruptcy in California

I would like to file BK but I'm not sure to file chapter 7 or chapter 13. I was approved for loan modification a year ago. I currently have a second mortgage loan I am not paying with the amount of $60k. I have an unsecured credit car loan of $15,000. Student loan $13000. I have 4 vehicles paid off under my name and wife. Not much of a value. Can I keep them?


Asked on 1/14/14, 2:27 pm

1 Answer from Attorneys
Asaph Abrams Law Office of Asaph Abrams

Chapter 13 bankruptcy allows for avoidance of a junior lien (2nd mortgage) IF the home value is proven to fall short of the senior lien (primary or first mortgage) payoff; chapter 7 bankruptcy doesn't presently afford that option in our courts.

If you qualify for the generous CA exemptions (based on domiciliary history), then those exemptions may be adequate to protect your vehicles; exemption of property is a function of the totality of your assets' values.

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Answered on 1/14/14, 4:14 pm


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