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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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i am in 4 months not paying mortgage, the house is upside down,

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i am in 4 months not paying mortgage, the house is upside down, loan value at 777,000, market value 605,00; i have other property and money in a brokerage account, which are earmarked for my retirement. i am over 50,000 is credit card debt. i don't want to lose my other property or my brokerage acct. to a foreclosure. what are my rights in california? what is the extend of my personal liability in a foreclosure/short sale/deed in lieu and which should i try for to save my "assets"
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
YOU SHOULD CONSIDER A CHAPTER 13, IT WILL ALLOW YOU TO KEEP YOUR OTHER HOME, AND ALL ACCOUNTS, IT IS FOR PEOPLE WHO HAVE SOME INCOME TO PAY OF DEBTS, THE COURT COULD POSSIBLY WIPE OUT UP TO %95 OF YOUR UNSECURED DEBTS, AND HAVE YOU PAY THEM OFF OVER 5 YEARS IN A PLAN.

ALSO, BE AWARE 401K AND IRA ACCOUNTS ARE EXEMPT FROM CREDITORS IN A BANKRUPTCY, ALSO IN REGARDS XXXXX XXXXX OTHER PROPERTY IF THEIR IS A MORTGAGE, YOU COULD KEEP IT AS LONG AS YOU AGREE TO REAFFIRM THE DEBT. EVEN IN A CHAPTER 7
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Customer: replied 7 years ago.
I’m already in a payment plan through “credit counseling” not a debt service....
What do you mean by wiping out “up to 95%...”
I don’t have a 401k or “retirement acct” per se, it’s a regular account through a brokerage, do as far as I understand (chp 7?), it is not exempt. what happens to the house that forecloses? what is the advantage of bankruptcy?