Legal Question in Business Law in California

Will I lose my house?

Hi,

Two years ago my six year old daughter was diagnosed with leukemia and my husband had an accident putting him out of work for a year. Having 4 children, any savings we had was used up in that year. Our portion of my daughters medical bills are at $364,000 and we are about 3/4 of the way through her treatment. Needless to say, we are buried in debt and I don't think we can crawl out of it. We are 4 months behind in our mortage payments. We were told we were in florclosure, but if we came up with $5000.00 we would no longer be in foreclosure. I'm thinking bankruptcy is my only option, but is there a way to not lose our house? Thank you for your time!


Asked on 2/08/02, 1:28 pm

4 Answers from Attorneys
Joel Selik www.SelikLaw.com

Re: Will I lose my house?

See a QUALIFIED bankruptcy attorney in your area right away.

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Answered on 2/08/02, 4:54 pm
Ken Koury Kenneth P. Koury, Esq.

Re: Will I lose my house?

It sounds like a chapter 13 might be good for you but you should talk to a lawyer to be sure it fits your particular situation.

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Answered on 2/08/02, 7:45 pm
James Burns R. Zebulon Law & Associates

Re: Will I lose my house?

You need very good representation through a bankruptcy if it is determined it is the best option for you. You can get a homestead exemption that will allow you to keep your home outside of a creditors reach up to a certain amount. If you or your husband are 50 or older the amount of the homestead exemption is more. In sum, you could lose your house depending on its value. If you get proper representation you could also avoid this and keep the house. Unfortunately, there are no hard and fast answer because alot of work and particular circumstances need to be evaluated. You should no that no one wants to make you homeless but you'll need very good help.

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Answered on 2/08/02, 1:36 pm
Ken Koenen Koenen & Tokunaga, P.C.

Re: Will I lose my house?

A bankruptcy will delay a foreclosure, but not end it. I agree with my colleague, that you should get representation in this matter. Unfortunately, bad things happen to people that are out of their control. Yours is the type of situation that the Bankruptcy laws were designed to help.

Get outside counsel, turn the problem over to them, and take care of your daughter. Good luck.

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Answered on 2/08/02, 1:58 pm


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