Legal Question in Bankruptcy in California

Re: Foreclosed Property

You would want to list any potential creditor on a bankruptcy, even if the liability is disputed. The ability of a lender to claim money after a foreclosure depends on several factors including: (1) the type of foreclosure (judicial vs. nonjudicial); (2) the type of loan (loan used to purchase v. a refinance or line of credit); and (3) the time of property involved (a residence vs. rental or commercial property).

While I'm sure your parents appreciate the help of trying to save them money by helping them with their BK, they really are better off with the services of an attorney. Someone without knowledge of the reform laws could cause more harm then good, not to mention practicing law without a license. Bankruptcy law is a maze for unrepresented debtors and your question reflects the need for experience bankruptcy counsel.

You should contact a local member of the National Association of Consumer Bankruptcy Attorneys (like me) for further assistance (or at least a free consultation).

Re: Foreclosed Property

It us usually advisable to list all possible creditors.

Re: Foreclosed Property

It us usually advisable to list all possible creditors.