Legal Question in Bankruptcy in California

witch system do i pick to save my house...1 or 2 ?

I have about 15,000 in equity in my house.But i owe about 32,000...

How do i figure out witch system in california to choose? Do they mean in equity or total amount of the value of the house. And where can i find out the details of each section.

And what is this: May file homestead declaration, 704.920, and where can i find info on this...?

thank you


Asked on 3/03/00, 12:21 pm

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: witch system do i pick to save my house...1 or 2 ?

The best way to find out what to do is to hire an attorney, since that is what we are trained to do. The next best place to find the information is a law library. The statutes are contained in the California Code of Civil Procedure. There are two sets of exemptions. One starts in 703.140(b) and the other starts in 704.010. Which to choose can only be determined after a full analysis of all your assets and their values.

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Answered on 3/20/00, 12:07 pm


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