Legal Question in Bankruptcy in California

Dear Sir/Madam

My wife and I own 2 triplexes in Gardena California. And we sold 2 fourplexes

In Las Vegas, Nevada . Those 2 properties in Nevada was short sale. We still owe the

Bank deficiencies about $370,000.00.

We still owe 2 triplexes in Gardena California. One of the Gardenaís triplexes has mortgage from same bank. The other property in Gardena has mortgage from another bank.

Both of Gardena Properties have not much equity may be underwater.

We donít have any other asset with much value. I said to the bank with deficiencies

I am going to file bankruptcy. They say they will give us a deal on repayment deficiencies. They havenít send me any deal yet since we sold the 2 properties in Las Vegas Sep 2013. If we wait long, propertiy value is going up. That means we have more chance to liquidate the properties.

Please advise,

Sincerely,

Asked on 10/26/13, 7:07 am

3 Answers from Attorneys

Charles Andersen Charles Andersen, Atty
0 users found helpful
0 attorneys agreed

File for bankruptcy!

http://www.superdebtbuster.com

Read more
10/26/13, 10:54 am
Carl Starrett Law Offices of Carl H. Starrett II
0 users found helpful
0 attorneys agreed

Consult a bankruptcy attorney. Why would you repay the deficiencies if you didn't have to?

Read more
10/27/13, 7:11 am
Peter Lago Peter L. Lago, Atty at Law
0 users found helpful
0 attorneys agreed

I don't know your whole financial picture, but if you otherwise qualify for a Ch. 7, you'd be able to get rid of any unsecured debts, including those deficiencies, and probably be able to keep your Gardena properties. Get a consultation with a BK lawyer now BEFORE your property values rise!

Read more
10/27/13, 2:34 pm

Related Questions & Answers

More Bankruptcy Law questions and answers in California

Looking for something else?

Get Free Legal Advice

88273 active attorneys ready to answer your legal questions today.

Bankruptcy Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Michael E. HendricksonAttorney & Counsellor at LawAlexandria,
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now