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Jonathan Robert Panossian

Jonathan Panossian’s Answers

45 total


  • Being sued for past medical bills. I have no job,income,assets,or property. my mother provides housing.what will they do to me?

    do I need a lawyer? cannot afford will I get a jail sentence? I am an alcoholic and sick much of the time, work irregular

    Jonathan’s Answer

    First off, I recommend that you seek the advice of an experienced bankruptcy attorney in your area prior to taking any action.

    When an unsecured creditor in California receives a Judgment after filing a lawsuit, the creditor is able to: 1) garnish wages up to 25% of your net income, 2) levy bank accounts, 3) put liens against a property. You should seek the advice of a Bankruptcy attorney in your area to see if the creditor is able to pursue these avenues of recovery. You cannot go to jail for not paying your unsecured debts.

    It sounds like you are "judgment proof" meaning that the creditor isn't able to do anything to you since you are not working, have no income, and have no properties. If you want the debt off your back, you can file for bankruptcy to eliminate that debt. Medical bills are unsecured debts that will be discharged in a Chapter 7 Bankruptcy. Consult a bankruptcy attorney to see if bankruptcy is a good fit for you.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Santa-Clarita-Valley-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Santa-Clarita-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Saugus-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Oak-Park-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Valencia-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Canyon-Country-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Stevenson-Ranch-CA.html

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  • What is the average fee for a bankruptcy lawyer in Fremont, California

    My husband and I are divorcing and we should be closing on a short sale of our home in December. I hope to get into an apartment with my two children before I file for bankruptcy. I don't have any idea how much to allow for lawyer fees

    Jonathan’s Answer

    Chapter 13 Bankruptcy filing fee is $274.00 and the attorney fees are $4,000.00. Chapter 7 Bankruptcy filing fee is $299.00 and the attorney fees vary from case to case. I recommend that you seek the advice of an experienced bankruptcy attorney prior to taking any action. Most bankruptcy attorneys will give a free initial consultation and will quote you a fee at that time.

    Other less expensive alternatives are for you to file the paperwork yourself or to go to a petition preparer. With both scenarios, you will be acting as your own attorney. Petition preparers charge $200.00 for their services of typing the petition. However, I am recommending that you seek the advice of a bankruptcy attorney.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Beverly-Hills-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Hollywood-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-North-Hollywood-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Van-Nuys-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-West-Hollywood-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Glenwood-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Toluca-Lake-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Universal-City-CA.html

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  • Can i reaffirm my first mortgage and file bankruptcy on my second mortgage

    I have lost 300k in value on my home and must now file for bankruptcy - we have a first mortgage that can be modified to an acceptable payment but I need to get rid of the second mortgage to save our home. Can we file bankruptcy and reaffirm the f...

    Jonathan’s Answer

    First off, I recommend that you seek the advice of an experienced bankruptcy attorney in your area prior to taking any action.

    When you file for Chapter 7 Bankruptcy, your unsecured debts, such as credit card debt, are discharged, but not your secured debt. The only way that you will not be responsible for the secured debt is if you surrender the secured item (e.g., if you surrender the car, you are not responsible for the car loan). You cannot discharge your second mortgage in a Chapter 7 Bankruptcy.

    However, you can strip your second mortgage by filing a Lam Motion in a Chapter 13. A Lam Motion essentially turns your second mortgage into a credit card bill. If you haven't been able to pay back your unsecured debts by the end of your Chapter 13 Bankruptcy, then your unsecured debts are discharged (which would include your second mortgage if your Lam Motion was granted). For a Lam Motion to be granted, your property value must be so low that there is no equity on your second mortgage. Some Judges treat Lam Motions differently. In Los Angeles, one Bankruptcy Judge won't grant the Lam Motion if you are not current with it. You should speak to an experienced Bankruptcy attorney prior to taking any action.

    Lastly, you can also attempt to settle your second mortgage for a lump sum settlement. Some of these second mortgages resolve for 10% of their balance. I recommend that you speak to a debt settlement attorney prior to taking any action.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Agoura-Hills-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Burbank-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Pasadena-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Thousand-Oaks-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Moorpark-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Simi-Valley-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Westlake-Village-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Newbury-Park-CA.html

    See question 
  • What should I do first divorce of bankruptcy?

    what should I do first divorce of bankruptcy?

    Jonathan’s Answer

    First off, I recommend that you consult with an experienced family law attorney and bankruptcy attorney in your area.

    Many people choose to file for bankruptcy before they get divorced so that they can do a joint filing and eliminate the debts between both spouses. If you get divorced, then you need to do two separate filings (one for each spouse), which is more expensive. But prior to taking any action, I am recommending that you seek the advice of a bankruptcy attorney and family law attorney prior to taking any action.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Burbank-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Pasadena-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Glendale-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-East-Pasadena-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-San-Marino-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Altadena-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Alhambra-CA.html

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  • My 2nd reads "Home Equity Bankruptcy Dept. Statmen is for info purpose & does not cons an attempt to collect a debt" do i owe?

    I am trying to modify by 1st and 2nd and I can only afford the 1st. I might have to short sale.

    Jonathan’s Answer

    First off, I recommend that you seek the advice of a bankruptcy attorney in your area prior to taking any action.

    It sounds like you still owe the balance of the HELOC, but cannot tell for sure without seeing the document that you received. Creditors usually include the extra language about "not attempting to collect a debt" to comply with certain rules with the FDCPA. It may be in your best interest to speak to a bankruptcy attorney about filing a Chapter 13 with a lien strip or settling your second mortgage in order to resolve your HELOC.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Burbank-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Glendale-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Cahuenga-Pass-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Pasadena-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-East-Pasadena-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-San-Marino-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Hollywood-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Beverly-Hills-CA.html

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  • I was just served by a sheriff, for a credit card that i couldnt afford to pay off. what can i do?

    The credit card company sent the debt to a collection agency. They are the ones suing me. They want me to call them in less then 10 days or go to court in 18 days. The amount is for 13k and i cant pay it. I dont own a house. Im completely broke. ...

    Jonathan’s Answer

    First off, I recommend that you seek the advice of a bankruptcy attorney in your area.

    To resolve your debts, you can file for Chapter 7 Bankruptcy so that you don't pay your unsecured debts (like credit cards), file for Chapter 13 Bankruptcy where you are on a payment plan, or do a lump sum settlement. Most people choose to do a Chapter 7 Bankruptcy filing because it tends to be the most cost-effective. You need to speak to a bankruptcy attorney in your area to see what option is best for you.

    In California, if a creditor receives a judgment, they can do the following: 1) levy bank accounts, 2) put liens against properties, 3) garnish your wages up to 25% of your net income. They can't put a lien against your properties because you state that you don't own any. If you don't keep any money in the bank, then there is nothing to levy. The only concern that you have is for a creditor to garnish your wages.

    If you plan to challenge the lawsuit, then you need to file an answer assuming the time for that has not already passed. Prior to taking any action, I recommend that you seek the advice of a bankruptcy attorney in your area.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Calabasas-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Tarzana-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Encino-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Woodland-Hills-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Warner-Center-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Pasadena-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Agoura-Hills-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Moorpark-CA.html

    See question 
  • Do you really need to include your secured debt(i.e car payment) under a chapter13 plan to allow 2nd lien strip? Help!

    I was told today by an attorney I had consulted in CA that I will be needing to include my car payment of $750 per mos to my chp13 plan in order for a 2nd lien strip to be possible. My car will be paid off in a year and I don't want to start from ...

    Jonathan’s Answer

    First off, I recommend that you seek the advice of another bankruptcy attorney in your area.

    I am not aware of any part of the Bankruptcy Code that says that if you do not include the car payment so that it is paid through the Chapter 13 plan, then you cannot strip a second mortgage with a Lam Motion. The benefit of including the car payment so that it is paid through the Chapter 13 plan is so you can make the payments more manageable by spreading it out over three or five years, pay the arrearages so that you can be caught up with the loan, and to do a cram down on the vehicle. I have filed bankruptcies for people where they paid their car loan outside of the Chapter 13 Bankruptcy and still did the lien strip.

    I don't practice Bankruptcy in the San Jose area. It might be that there is some local rule or there is a Bankruptcy Judge in the San Jose area that won't strip the second mortgage unless you pay all secured debts through the bankruptcy. In Los Angeles, there is one Judge that won't strip your second mortgage if you are not current with it. Unless you practice bankruptcy in Los Angeles, you would never know that. You may want to contact that Chapter 13 Bankruptcy attorney again to make sure that you understood him/her correctly and ask why it is that you need to pay the car loan through the Chapter 13 plan in order to strip the second mortgage.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Van-Nuys-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Panorama-City-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Pacoima-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Mission-Hills-CA.html
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    http://www.jrp-law.com/Bankruptcy-Attorney-Sylmar-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-La-Canada-Flintridge-CA.html

    See question 
  • I subcontracted with a company to deliver mail and now they are not paying for the deliveries I have done. what can I do now

    I have copies of the signed BOL's can I charge and late fees? or any other cost accurred in recovering my monies?

    Jonathan’s Answer

    First, you might try contacting the debtor again to see if you can resolve the situation without taking any legal action.

    If the debtor continues to refuse to make payment, you may want to consider hiring an attorney to draft a letter on your behalf demanding payment. A demand letter from an attorney can go a long way.

    If the debtor still won't pay after you spoke to them and after the attorney sent the demand letter, you may want to file a lawsuit to get a judgment and attempt to collect. You can try this on your own or can hire an attorney to do so. I am recommending that you seek the advice of a civil attorney prior to taking any action.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Calabasas-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Canoga-Park-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Hidden-Hills-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Agoura-Hills-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Simi-Valley-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Chatsworth-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Northridge-CA.html

    See question 
  • I have credit card debt and the credit card company is suing me for the debt what should I do?

    I have been sent a Civil summons from a credit card company over a past amount of credit card debt.

    Jonathan’s Answer

    First off, I recommend seeking the advice of a bankruptcy attorney in your area prior to taking any action.

    If a creditor has filed a lawsuit against you and your intention is to challenge the lawsuit, then you need to file an answer within the time limit allowed by law in your area. You should consult an attorney in your area about doing this.

    However, if you are not planning to challenge the lawsuit, then you should consider filing for bankruptcy. Many people file for bankruptcy merely to avoid the negative effects of a judgment that they have against them.

    In addition, you can attempt to settle the debt. If you haven't made payment on the debt for a period of time, the creditor fears that you will file for bankruptcy and not receive anything. For that reason, the creditor might be willing to settle the debt for a fraction of what is owed.

    Once again, I am recommending that you seek the advice of a bankruptcy attorney prior to taking any action.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Santa-Clarita-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Saugus-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Valencia-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Stevenson-Ranch-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Canyon-Country-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Santa-Clarita-Valley-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-San-Fernando-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-San-Fernando-Valley-CA.html

    See question 
  • How do I protect my moms home if I need to file bankruptcy. My name along with my sisters and my my moms husband are on the deed

    I and my husband need to file for debt releif. I do not want my parents for loose their home because of what I need to do this.

    Jonathan’s Answer

    First off, I must recommend that you seek the advice of a bankruptcy attorney in your area prior to taking any action.

    When you file for bankruptcy, the Trustee will look to see what assets that you have that can be taken away from you so that they can be sold and distribute the funds to creditors. In your particular case, I do not have enough information to determine if the home would be taken away.

    The first thing you need to do is determine how much the property (land and structure) is worth. Then you need to look to see what is owed against the property. Some people have a property worth $500,000.00, but they have liens against it (i.e., mortgage) whose balance is $550,000.00. That means that there is no equity in the property and the Trustee doesn't want it. That's why you need to find out how much the property is worth and if there are any liens against it.

    If there is equity, you need to find out if the exemptions allowed in your area will protect what equity interest you have in the property. For that, you should consult with a bankruptcy attorney in your area. If the exemptions protect your interest in the property, then it is not something that the Trustee will go after.

    But if there is equity that is unexempt, the option to file Chapter 13 and protect those assets may be available. You just have to go on a payment plan to pay back a certain percentage of those debts.

    I advise you not to transfer your interest in the property at this point. Transferring properties on the eve of filing is fraud.

    Once again, I am recommending that you seek the advice of an experienced bankruptcy attorney prior to taking any action.

    Best of luck to you!

    Jonathan Panossian, Esq.
    Law Office of Jonathan Panossian, A PC

    http://www.JRP-LAW.com

    Disclaimer: The information contained on this website pertains to the law and legal procedures in general. It is neither intended to give legal advice for any specific case or situation, nor does it create an attorney-client relationship. Bankruptcy Law is complicated and you should consult with an attorney before taking any action. Should you have any questions or concerns regarding the legal aspects of your situation, you should seek legal advice from a professional immediately. Law Office of Jonathan Panossian, A PC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Thus, Law Office of Jonathan Panossian, A PC shall not be liable for any special, indirect, incidental or consequential damages, including without limitation, lost revenues or lost profits, which may result from the use of these materials. The information contained herein is subject to change without notice and does not represent a commitment on the part of Law Office of Jonathan Panossian, A PC. Any and/or all testimonials or endorsements do not constitute a guarantee, warranty or prediction regarding the outcome of your legal matter

    http://www.jrp-law.com/Bankruptcy-Attorney-Burbank-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Pasadena-CA.html
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    http://www.jrp-law.com/Bankruptcy-Attorney-Newbury-Park-CA.html
    http://www.jrp-law.com/Bankruptcy-Attorney-Santa-Clarita-CA.html

    See question