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,


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

3 Answers from Attorneys

Charles Andersen Charles Andersen, Atty

File for bankruptcy!

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Answered on 10/26/13, 10:54 am

Carl Starrett Law Offices of Carl H. Starrett II

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

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Answered on 10/27/13, 7:11 am
Peter Lago Peter L. Lago, Atty at Law

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!

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Answered on 10/27/13, 2:34 pm

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