Philip James Rhodes's Answers

If I decide to file Chapter 7 bankruptcy can I sell my car before that time and use that money towards another debt.

You should definitely consult a lawyer about your specific financial situation. Your payment on another debt might just create a preferential transfer that the trustee could avoid. However, if you can wait before you file bankruptcy, you might prevent the trustee from recovering it. You might want to do this if you are paying a non-dischargeable debt like a student loan or a past due income tax debt. If you are paying a debt you owe to a family member, I would not recommend this. You...

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Statute of limitations for collecting on a 2nd mortgage after 1st foreclosed

In Californa, a lender has four years to file a lawsuit against you to collect a debt based on a written contract. Generally, the four year period begins when you default on the second mortgage. Your default probably began just after the date of the first missed payment on the second mortgage. However, depending on the circumstances of your case, this could vary.

Are there restrants concerning a chapter 7 bankruptcy discharge?

You should be able to get your Chapter 7 discharge like any other debtor as long as you have cooperated with the trustee. However, it might depend on your agreement with the trustee to repay the insider transfer. You might have a more difficult time obtaining a discharge if you haven't turned over bankruptcy estate property to the trustee. But, in your case, you're paying back a preferential transfer. Your failure to pay or default in your payment schedule should result in a monetary...

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Filing Chapter 7, I've been advised to list my home on both Schedule A and Scheudle C, which one do I use?

You probably need to list your home on both schedules. You must list all real property you own on Schedule A so you should list your home there. You must list all your claimed exemptions on Schedule C. Claimed exemptions permit you to keep certain property even though you've filed bankruptcy. (In other words, the bankruptcy trustee will not try to sell the property you've claimed exempt.) For your home, you should ordinarily claim an exemption for your "equity" in the home. Your equity is...