Legal Question in Bankruptcy in California

Re: got home equity loan and gamble most of it

This is a tricky area, and a lot depends on your history of gambling, whether you kept receipts of the prior winnings you may have had over the years, and if you had a reasonable expectation of winning (based on prior trips to the casinos). It's not automatically a problem, but it is more complicated than just giving you a yes or no answer. Your friend, of course, can foreclose on your property if you don't repay the loan according to its terms.

Re: got home equity loan and gamble most of it

Thank you for your posting. As Mr. Markus indicated, there is not an easy answer to this.

Legally, your friend is a secured creditor, and you cannot normally simply discharge secured debt (you either must continue to pay on the lien, suffer the lien until the property is sold, or give up the property).

In your case, you may be entitled to a motion to reduce or eliminate the lien, depending on some factors that are not in your question or facts given.

I know this may not be completely helpful, but if you want to give me more information, please feel free to email me at [email protected].

Re: got home equity loan and gamble most of it

You still have to repay the loans as they are secured by the house.