Legal Question in Bankruptcy in California

Regarding foreclosure of our home

Our home is in the process of foreclosure...we do not think that to continue living in the house will benefit us...Our question...How can we protect our paid off land in New Mexico from the creditor? Should we file bankruptcy or should we set up a living trust and the land be put in our children's names? We are not behind in any other payments on our other debts...just the house. The mortgage payment is too high: $1231.00....at 11%...Can you please help with the legalities?


Asked on 1/30/01, 8:13 pm

2 Answers from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Regarding foreclosure of our home

Setting up a living trust is not going to protect the property. I cannot advise you on this kind of thing in an e-mail. There are too many facts missing (such as the value of the property) and numerous other factors. You need to have a consultation with an attorney in your area. You may wish to visit my web page and give me a call.

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Answered on 3/15/01, 12:08 pm
Ken Koury Kenneth P. Koury, Esq.

Re: Regarding foreclosure of our home

If you are not behind in your other debts, I don't see what the danger is to the other property.

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Answered on 3/15/01, 1:22 pm


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