Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
In which jurisdiction is your house located (France or California)?
If California, then how much are each of your mortgages, and how much is he property worth?
If California, then were the mortgages originated when you purchased the property, or did you refinance at any time?
If refinanced, then which loan(s)?
Do you have any non-retirement account assets of significance ($$$)?
Thank in advance.
NOTICE: Due to overwhelming customer demand for my time, I am forced to limit our correspondence to only one follow-up question per session. If you are on a justanswer.com subscription plan, this does not prevent you from asking new questions for the same subscription fee. It only means that you must open a new question to continue our conversation. You are welcome to open a new question on the justanswer.com Homepage and preface it with my userid: “ToCustomer”
The reason why I asked for the mortgage balances is that when a 1st mortgage has a balance greater than the value of the property, the 2nd mortgage can be discharged in Chapter 13 bankruptcy. Your facts don't show this opportunity.
Your loans are practically break even with the property, so you could file Chapter 7 bankruptcy, continue paying the mortgage and wipe out the credit card debt. Or, you could just let the house go to foreclosure, wipe out the credit card debt and start over.
None of this will have any effect on your immigration status, and the fact that you are currently residing in France will not impact your ability to file for bankruptcy in the USA.
I think that about covers it. For a consumer bankruptcy attorney referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=CA and www.martindale.com.
Hope this helps.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).