Legal Question in Bankruptcy in California

File Bankruptcy now ? or no??

$150K inheritance was stolen from me from a Sr. Planning Co/agent.We refinanced our home to pay off my parents Reverse Mtg be4 it foreclosed. with RE value decreasing,we owe more than the value & are 2months behind on mtg pymts and looking at f/closure w/in 30.Husband lost his business 2 l/2yrs ago/unable to find job yet.I recv SocSec perm disbility $1061.00 mo./only income.No other $/accts.Have several unpaid credit depts showing on credit rpts/receive threatening collection calls/ mail alot.Approx $25K?ish.We're living in the PIF parents home now/probably loosing our other equity maxed home soon.Have a ''homestead declaration'' filed on ours/ Parents(both deceased) have 1 on their home (we now have thru inheritance.)I need to know if it would be best for us to file Bankruptcy now be4 the foreclosure preceeds with the papers after we're are have 1more non-pymt Oct 1st.?If there are leins, the value vs.payoff would really be bad.We are in a desperate horrible situation and it is very frightening.Any advice you can send me will be most appreciated. Thank you


Asked on 9/21/06, 9:05 pm

1 Answer from Attorneys
H.M. Torrey The Law Offices of H.M. Torrey

Re: File Bankruptcy now ? or no??

Deciding to file for bankruptcy or not would require a far greater analysis of your personal financial situation than can be posted here in general writing. If you would like a free phone consultation to clarify your details for us, feel free to contact us before 5pm this Friday.

Read more
Answered on 9/21/06, 9:37 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in California