I have a question regarding bankruptcy and foreclosure in California.?

Question:

My husband lost his job in October and I am a student, so we have no money coming in except for a pittance from unemployment. We had some savings and he cashed in his retirement, but we are almost out of money. We put our condo on the market in December, but so far no takers. My husband has relatives in Las Vegas who have invited us to live with them temporarily, so my husband went after Christmas and began the job-hunt. We are now considering foreclosure and/or bankruptcy, but neither of us know much about either process. Can anyone either explain these processes to me, (in English - not Legalese), or direct me to a website that I can understand? I need to know everything, such as: Do I have to file in California or can we do this in Nevada? Do we contact the lender about foreclosure or is this something they do automatically? (They have been completely unwilling to work with us even though we have never been late on a payment.) Any advice/info would be greatly appreciated.

Answer:
Don't you wish people would just answer the darn question instead of preaching?

I guess I'll be going to jail soon...anyone got some smokes? I hear I need them in the joint.

The new laws passed in 2003 require you to have lived in the state you currently live in for 6 months before you file. Therefore, if you are moving to Nevada in order to avoid the bankruptcy laws in California, you need to live there 6 months. If you file in California you would have to return for the court hearings and creditors meetings.

Read the link below about the new bankruptcy laws and how they may effect you. I'm going to suspect that you qualify for Chapter 7, but without looking at all your budget it's impossible to recommend anything.

You will need to get a bankruptcy lawyer, as I do not recommend anyone try to file it themselves. You make one error and it will cause your BK to be discharged, and you can't file again for a year.

You need to understand one very important point here.

For anyone to answer any part of your question would be exactly the same (legally) as giving you legal advice, which could get them thrown in jail.

So, anyone who does have the answers to your questions knows better than to answer them and anyone who doesn't know this isn't going to give you the right answers.

Contact an attorney and pay the consultation fee.

She is right. It would be best to seek legal advice from a lawyer. Wouldn't it be better to sell your house just for the amount you owe on it though? You can include incentives with the sale to make it more appealing. Maybe some nice furniture pieces you won't be needing anymore (since you say you're moving in with family anyway). I mean rather than ruining your credit and foreclosing? (Just a thought)
Maybe you just need to post the sale of your home on more websites and seek a better Real Estate Agent.

Hi you should contact your lender immediately. They will be able to guide you through your options. You may be able to sell your home through a short sale they take a loss but it makes the process a lot easier and does not affect your credit like a Foreclosure. They also have payment plans (reduced payments until you can catch up with your debt). There are so many options think of your lender as your friend. They are losing money too so they are eager to talk and see what you can do together. Good luck.

Can you save your house from foreclosure by filing bankruptcy in California?

Filing bankruptcy triggers the automatic stay which stops all creditors from any action to collect their claim including foreclosure. In Chapter 7, the stay lasts only as long as the property is not abandoned by the trustee as either valueless to the estate or as exempt, or until the case is closed. A creditor secured by the house can seek relief from the stay to complete the foreclosure if there is danger that the secured claim will become greater than the value of the security during the bankruptcy. Since the creditor's lien is not eliminated by the bankruptcy, Chapter 7 provides only temporary relief from foreclosure, but no lasting solution. If you have any equity you should try to sell your house to Real estate broker for the payoff of your loan.

I have a question regarding bankruptcy and foreclosure in California.?

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