Archived
I own arental proprety worth about 220,000. I owe 19,000 on the first,135,000 on the second which is an equity line and 97,000
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Answered on November 30, 2010
It depends. If the property is truly worth 220,000 and if 3d forecloses then the 1st and 2nd may be paid in full in the foreclosure sale. But the...
Archived
If I file a Chapter 7, and it is discharged before the stay is lifted for the Lender, can I negoiate a short sale or deed in
Harley's answer
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Answered on November 29, 2010
A question is why would you be trying to do a short sale if you are declaring bankruptcy? Usually the reason under water homeowners try to do a...
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California Statute of Limitations - bodily injury
Harley's answer
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Answered on November 21, 2010
Actually a simple personal injury case is pretty easy to settle yourself. There are few areas which contain some difficulties. Sometimes getting...
Archived
In want to file a chapter but have 2 homes I want to keep.
Harley's answer
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Answered on November 21, 2010
I think your question is whether the rental property would be taken from you when you file for bankruptcy. I am assuming you are thinking about...
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Does S corp bankruptcy get rid of the corporation owed state income taxes?
Harley's answer
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Answered on November 12, 2010
A couple of points to add to the above:
First point: An S Corporation does not owe income taxes. The income is passed through to the...
Archived
What bankruptcy chapter best for Mom. mother & son are joint tenants for their residence.
Harley's answer
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Answered on October 27, 2010
As a general rule people prefer to file for Chapter 7 (as opposed to 13) unless they are unable to qualify for a chapter 7. The other reason...
Archived
Will we be able to keep our car if we file for bankrupcty
Harley's answer
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Answered on October 27, 2010
There are 5 alternative ways to deal with a car loan when you are declaring bankruptcy:
Alternative 1: You can let your vehicle be...
Archived
Modified my mortgage after chapter 7 discharge. I never reaffirmed, but I did enter into a modification. Am I personally liable?
Harley's answer
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Answered on October 21, 2010
It is indeed very rare for the holder of a 1st mortgage to sue you personally after foreclosure. The reason is that under CCP 580d a lender may...
Archived
We have joint debt but i'm filling as seperate individual. can bankruptcy trustee take his 1/2 inventory proceeds
Harley's answer
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Answered on October 05, 2010
Whether the inventory is exempt probably depends on whether:
1) you own the property or
2) you own an entity (such as a corporation) and...
Archived
Can you file for Ch 7 if you are married but do not want to include your spouse's debts?
Harley's answer
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Answered on October 05, 2010
Yes. Its common for only one spouse to file. See a link below to an article I wrote on the subject. I see one spouse only filings where one...
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