Legal Question in Bankruptcy in California

Will This Asset Be Pursued by the Court/Creditors?

I am considering filing Chapter 7 in the near future to discharge credit card/IRS indebtedness in the approx amount of $30,000.

A house in another state was purchased a month ago by another individual and myself. The other party provided the entire monies (substantial) for down payment, and only my income from child support was considered for the loan approval. This domicile would be my only 'asset.'

Although I am interested in pursuing the Chptr 7 to discharge my personal debts, I am concerned that what basically constitutes his house, will be at risk. I have no other source of income apart from my child support.


Asked on 7/16/99, 10:22 pm

2 Answers from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: Will This Asset Be Pursued by the Court/Creditors?

It depends on a lot of factors. It is possible the asset can be saved. If you like, call me for a free consultation.

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Answered on 7/22/99, 12:55 am
Mark Markus Law Office of Mark J. Markus

Re: Will This Asset Be Pursued by the Court/Creditors?

The answer to your question depends on numerous factors, including what equity (if any) is in your house, and what the value of all your other assets is. Without that information, there is no way to answer your question. If you would like a free consultation, please give me a call and I will be happy to assist.

Sincerely, Mark

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Answered on 7/21/99, 2:50 pm


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