Legal Question in Bankruptcy in California

Repo/Bankruptcy

My Dad just passed away leaving my 71 year old Mom with a motorhome payment she cannot afford. It has gone to collection. Is it better to try and sell (she owes approx. $98,000 yet it books out at only approx. $69,000), voluntarily turn it in to the bank it is funded through, or file bankrupcy? What will the effects be on her home? We don't want her to lose her home.


Asked on 3/23/07, 7:11 pm

1 Answer from Attorneys
Amy Kleinpeter Clark Kleinpeter Law

Re: Repo/Bankruptcy

This is really too complex a situation to answer in a short question. There are so many options. Usually selling anything, be it a house, car, boat, or motorhome, will bring a higher value then would be assigned to it after a repossession (so the amount still owing would be less). However, either way there would be a shortage. This may be dischargeable in bankruptcy, but it depends on other factors.

-- Amy Kleinpeter

http://www.amykleinpeter.com

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Answered on 3/28/07, 4:29 pm


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