Legal Question in Bankruptcy in California
My husband and I lost our home and an investment property about a year and a half ago both had 2 mortgages and now they are trying to collect on the 2nd mortgage of the home. We just recently bought a home with a $50,000 mortgage and also purchased an investment property (mobile Home) appr. value $15,000. My question is if file bankruptcy can they take the home or investment property?(previous loans under husbands name only & new home(Husband not on loan) & inv. prop (joint)
Asked on 1/27/11, 10:58 am
1 Answer from Attorneys
Asaph Abrams
Law Office of Asaph Abrams
Preservation of assets depends upon the amount of equity you have.
Please see my Web site for further details on the laws regarding exemption from enforcement of judgment: http://www.bankonitsd.com/Bankruptcy_FAQ_general_exemptions.html
Answered on 2/08/11, 1:04 pm
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