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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I live in California and am being sued by my second mortgage

Customer Question

I live in California and am being sued by my second mortgage company, Wells Fargo, on a house I foreclosed on for over $100K. I don't have the money to pay them, is it better to file for bankruptcy? What happens to the home I'm living in now if I file for bankruptcy?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.


A bankruptcy may offer you assistance. The assets that you retain depend upon the state that you reside in and the chapter bankruptcy that you file.


As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.


A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.


A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for California:


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,


Customer: replied 7 years ago.
The answer wasn't much help, I was looking for a little more details. I could have googled this and got the infor for free.
Expert:  Ellen replied 7 years ago.
What is your specific question?