Legal Question in Bankruptcy in California
Our daughter has a business loan secured by my in-laws home. After 3 years, her business is failing. If she files for Bankruptcy, will the house be safe?
Asked on 12/18/13, 2:38 pm
1 Answer from Attorneys
Carl Starrett
Law Offices of Carl H. Starrett II
it sounds like the grandparents either personally guaranteed the loan and/or borrowed money against their home to secure the loan. Your daughter's bankruptcy will NOT protect you in-laws' home. if they have a deed of trust on their home and they default on the payments, the lender may foreclosure. They should consult a bankruptcy attorney to discuss strategies to save the home.
Answered on 12/18/13, 2:46 pm
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