Legal Question in Bankruptcy in California
Repo/Bankruptcy
My Dad just passed away leaving my 71 year old Mom with a motorhome payment she cannot afford. It has gone to collection. Is it better to try and sell (she owes approx. $98,000 yet it books out at only approx. $69,000), voluntarily turn it in to the bank it is funded through, or file bankrupcy? What will the effects be on her home? We don't want her to lose her home.
1 Answer from Attorneys
Re: Repo/Bankruptcy
This is really too complex a situation to answer in a short question. There are so many options. Usually selling anything, be it a house, car, boat, or motorhome, will bring a higher value then would be assigned to it after a repossession (so the amount still owing would be less). However, either way there would be a shortage. This may be dischargeable in bankruptcy, but it depends on other factors.
-- Amy Kleinpeter
http://www.amykleinpeter.com
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