Christopher Charles Barsness's Answers

Investment account in Chapter 7

Any account with assets (cash/stock) would become part of your bankruptcy estate; however, you can apply any available exemptions to allow you to possibly keep this account. Without knowing the other assets and exemptions you may be using and how much you plan to have in the account, it is hard to say if it would be completely protected, but it is possible.

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Can I short sale my home during chapter 13 bankruptcy?

All of your assets are assets of the bankruptcy estate which is overseen by the trustee assigned to your case. Generally to sell estate property requires court approval, but the trustee would need to be involved as you are not really in control of your estate. Unless there is equity in the home, I am not sure why you need or want to do a short sale. You can surrender the home during the bankruptcy case if you can't pay. Realize your realtor obviously has different interests in mind with the...

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What is a means test?

A few years ago, bankruptcy laws were changed to avoid abuse of the system. They put requirements in place to make people prove they qualify to file for bankruptcy. In order to use Chapter 7 to liquidate your debts versus paying them down over time in Chapter 13, you have to qualify under the means test. There are formulas and forms that take into account things like your family size, location, last 6 months income, and expenses to make sure you don't make too much money. If you qualify...

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Going to be filing a Chapter 7 BK. Can I include a Unlawfull Detainer that may be soon?

Filing bankruptcy does not remove things from your record. Once they file the unlawful detainer complaint with the court, it can become a public record, although it is not public for the first 60 days after filing in California. As long as it doesn't get to a final judgment, it is usually not considered an eviction on your record. The bankruptcy filing places a stay on any eviction proceedings that slows the process down some, but they could still get relief from that stay to evict you....

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Do i still have to pay my landlord rent if she is not paying her mortgage?

You are still obligated to pay rent even if she chooses not to pay her mortgage. I don't know what type of written lease you have and what the terms may say, so there is a chance she is violating the terms. If she is actually foreclosed upon, you still have the right to live there for 60 to 90 additional days; however, in many cases, you have to pay rent to the new owner or bank who took over the property. If you wanted to get out of the lease, you could probably easily do so for her...

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Once my home has been foreclosed and auctioned off, how long do i have to stay in my home before i am evicted in california?

Once the home has been sold at auction, the new owner is entitled to possession immediately; however, they can't lock you out. In order to evict you, they have to serve you with a 3 day notice to quit and then file a lawsuit for unlawful detainer. Only upon the new owner obtaining a court order / judgment for possession can they essentially lock you out. The unlawful detainer process is very fast. You only have 5 days after being served with the summons and complaint to respond. If you don'...

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Foreclosed rental property with tenants in CA-Redemption?

They may have not yet recorded the trustee deed with the county, which is usually done within 7 days of sale, but the bank owns the property at this point as of the sale. The trustee deed is evidence of the new ownership. There is no redemption available. The only way this would be resolved is if the bank voluntarily agrees to set aside the sale. You may have certain rights as a post foreclosure tenant including 60 or 90 days to remain at the property based upon recent federal and...

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Does a verbal agreement hold up in court?

In general, a verbal agreement can be valid, but most of the answers will be answered by the terms of the written contract. If it states that the contract can only be amended in writing, what you agreed to verbally is probably not enough. If it doesn't say this, you could argue that the contract was modified by your verbal agreement. If the landlord accepted the new rent amounts as payment in full and didn't claim you were in default, there could be an argument that he/she waived the right...

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Will my foreclosure affect my husbands assets/credit?

That is your separate debt and it should have no effect on his credit. However, if after the foreclosure, the bank pursues eviction through the normal unlawful detainer action in California and for some reason names your husband as an occupant, it is public record and could have an effect. If you move out before they have to evict post foreclosure, that should not be an issue. You should be sure that if you have a second mortgage, past due HOA fees, or other liens, they may decide to come...

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Will my belongings be locked up?

At some point, yes, you could be locked out. There are several steps that need to take place before that could happen. After the trustee sale, the new owner or bank must serve a 3 day notice to quit and then file an unlawful detainer lawsuit to evict. Only when they receive a judgment and writ of possession can they resort to a lock out; however, they have to serve the writ of possession and give at least 5 additional days. In California, you are given an additional 60 days or possibly...