Legal Question in Bankruptcy in California

If my home goes in foreclosure can the bank go after my personal checking and saving accounts or IRA's or just my home ? We have a small business, can they go after that?

Asked on 6/07/10, 4:45 pm

1 Answer from Attorneys

Depending on a list of other factors, the answer is usually no. When you signed the loan documents creating the debt, it allowed the bank to take away your home if you defaulted on those loan payments. After the foreclosure they may go after you personally for the difference between the sale price and the amount of the debt. However, usually things like an IRA are protected by state and federal laws. You should consult further with a qualified bankruptcy and/or tax attorney to discuss the matter.

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Answered on 6/16/10, 11:15 pm

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