Foreclosure Bankruptcy California Law
Bankruptcy question?
Hello,
My father owns a home in Nevada(second) and another home in California(primary). The home in California is going into Foreclosure. My question is my father would like to know if he files for a bankruptcy and includes all his credit card debt which is aprx. $25k, will the bankrupcty court or judge make him take out equity/or sell his other home that is in Nevada to pay off the debts? I know the laws have changed and would appreciate any help on this.
Thank you all in advance,
Rudy
ITMom is correct, except it sounds like she is talking about Chapter 7 instead of Chapter 11. Chapter 11 bankruptcy is for businesses or sole proprietorships with a much higher debt requirement.
He will likely have to go through Chapter 13 if his income exceeds the area median income for his primary residence.
Any information should be substantiated by qualified legal counsel.
Will I Owe Money After a Foreclosure in California? Legal Objective, Attorneys at Law
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