cfortunato : Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.
cfortunato : Filing a Bankruptcy can help most people who are having a hard time paying their debts.
cfortunato : If you file a Bankruptcy, you would not have to continue to pay your credit cards, and you would not be liable for the balance of what was owed on your motor home or your boat. You would also be able to be relieved of any liability for the time share.
cfortunato : Filing a Bankruptcy will prevent those creditors from getting judgments - which could be used to garnish your wages.
cfortunato : Is this what you wanted to know?
Customer: What about being able to keep our home,pr at least our land. we own the land but we have a loan on the mobile, since we also pay rent while we are working in California
cfortunato : Have you lived in Arizona continuously for the past 2 years?
Customer: yes Wehave owned the property since 2001 but made it our residence and bought the mobile in 2007 or , but worked in california since 2006 but at the time we didnt have to pay rent. Rent started last aug 2012
cfortunato : Thank you for your response.
cfortunato : You would be able to keep the land your mobile home is on if the land has less than $150K equity.
cfortunato : (Equity = current market value minus the balance owed for the property.)
cfortunato : Actually, the land and the mobile home together would have to have less than $150K equity.
cfortunato : Is this what you wanted to know?
Customer: I think the land itself is less than that. We owe nothing on the property. We owe 100k for the mobile. The loan we got on the mobile does not include the land. It is just the mobile itself. We hade really good credit back then. If we had to turn in the mobile would be able to keep just the land.
cfortunato : No - you would not be able to keep the land if there is no dwelling on it.
Customer: From your calculation I think we would be under that 150K. I dont know what the land value is .
cfortunato : How much is owed for the mobile home?
cfortunato : Sorry - I meant ask what is the current market value of the mobile home?
cfortunato : (You already indicated the balance is $100K for the mobile home loan.)
Customer: How would I find out? I think our last proprrty tax bill rated everything mobile, land, and gargae at 180K
cfortunato : You can call a real estate broker to ask for an estimate for the value of your land.
cfortunato : And also for your mobile home.
Customer: The property is in Cibola, AZ. ok, we havent had any luck with someone calling us back
cfortunato : You should check Zillow.com to see if your property is listed.
cfortunato : You should be able to check the value of your mobile home by looking at what others are selling the same model for.
cfortunato : Online.
cfortunato : You can check Craigslist, and you can check ebay.
Customer: ok never heard of that but will give it a try. This is a very rural area where we are. Nothing sells out there, our neighbor next door sold for 90K but it was land a a single mobile that was 20 some years old So things are different out that but I will look up the zillow.com and see if I can find anything online about the mobile.
cfortunato : You can also check used mobile home dealers to see what they are selling the same model for.
cfortunato : It really sounds like your land and mobile home together are worth less than $150K after subtracting $100K for the balance on the loan for the mobile home.
cfortunato : If your land is not listed on www.zillow.com, you can check www.realtor.com to look for comparable land in your area.
Customer: We havent wanted to do bankruptcy for fear of losing the land. We were told a few years ago we would loose it cause the land was worth something. Is this 150K the law in Arizona or California?
cfortunato : Since your residence is Arizona, and has been your residence for the past 2 years, Arizona exemptions would apply.
cfortunato : What matters to the Bankruptcy court is where your permanent residence is, not where you work.
Customer: Okay, we were also told we might loose the house and land because we work in California and the court would look at our AZ as extra luxury but we explained there isnt any work there and at the time stayed in our travel trailer while working in Ca . what should our next step be?
cfortunato : Is your drivers license a California license or an Arizona license?
Customer: Arizona.We file Arizona tax returns
cfortunato : Where are you registered to vote?
cfortunato : The Bankruptcy court bases your exemptions on the location of your principal residence - not where you work.
cfortunato : Since your principal residence is Arizona, as evidenced by your drivers license and your voter registration, the Bankruptcy court would apply Arizona exemptions.
Customer: So what should our next step be
cfortunato : Since you are currently located in California, you will have to file in a California Bankruptcy court (using Arizona exemptions). Your next step would be to call the California Bar Association to ask for a recommendation for a Bankruptcy attorney. The number is:
cfortunato : 415-538-2000.
cfortunato : And you should explain to the attorney that you are in California solely for the purpose of employment, and your domicile/principal residence is in Arizona.
Customer: Oh , Would they need to be liscened in AZ and CA? Just asking because we played ping pong last time we tried to do this, Ca attorneys said we need AZ and Az attorneys said we needed a Az & Ca liscened, then we gave up cause that was when they said we would loose the land in AZ.
cfortunato : You should not have that problem if you get a recommendation from the California Bar Association. The attorney has to be admitted to the bar in the state where the case will be filed - California.
cfortunato : There is no need for the attorney to also be admitted to the Arizona Bar.
Customer: Thank you Chris,We will start with them and see how it goes.
cfortunato : You're welcome!
Customer: Enjoy a safe new years.
Customer: Good night
cfortunato : And please have a pleasant evening and a safe New Years also!
cfortunato : But before you leave, please don't forget to provide a rating for my help.
cfortunato : Thank you!