Legal Question in Bankruptcy in California

What a mess! Will I lose my home?

I have no idea what to do. My corporation has one questionable judgment against it, and consequently a lien in the amount of 3500.00 has been levied on my personal residence, along with another lien of which I am the personal guarantor, (through my corp.) to the tune of slightly more than 100k. This doesn't include tax liens which I suspect will come soon as well. I have extraordinary credit card debt estimated in the high 40k bracket. Upon last appraisal of my home, I was looking at a property value of 600k but, that was a year ago. My 1st mortgage is currently 501k and I wrote a second to my Father initially with the hope of protecting my 81k down payment. Oh yeah, and I'm currently seeking divorce from my wife whom is on title.

Thanks so much for listening,

Overwhelmed


Asked on 2/23/05, 3:40 am

3 Answers from Attorneys
Pauline Tokunaga Koenen & Tokunaga, P.C.

Re: What a mess! Will I lose my home?

A judgment against your corporation should not result in a lien on your home. The main reason a corporation is set up is to protect your personal assets from creditors. Are you also a personal guarantor for the amount that resulted in the judgment?

You really need to sit down with an attorney to discuss your options because you have a lot of issues to sort through.

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Answered on 2/23/05, 11:58 am
Mark Markus Law Office of Mark J. Markus

Re: What a mess! Will I lose my home?

There are a lot of issues here and you really need a comprehensive consultation to go over them. If you'd like a free phone consult, please visit my webpage at http://www.bklaw.com/consult.html and then contact me to schedule an appointment. Hopefully you had a declaration of homestead recorded on your property before the liens attached. The transfer to your father may also be a problem.

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Answered on 2/23/05, 12:04 pm
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: What a mess! Will I lose my home?

See a bankruptcy/debt negotiation attorney about these issues--it's unclear whether the taxes will also be a personal debt, but an attorney would need to review all the facts before being able to tell you what your options are and how much of the house equity you can protect.

The homestead exemption amounts in California are $50,000 for an unmarried person, $75,000 for married couples, and $150,000 for persons over 65, low income or disabled.

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Answered on 2/23/05, 2:02 pm


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