I have a 2nd mortgage on my home in Orange County, California, for $800K. We're walking from the house because we paid $3M for it and it's now worth $1.3M. It appears the lender for the 2nd mortgage, BofA (it was originally a Countrywide loan), is going to come after me personally to get paid. I'm not concerned because I have a small business
, a sole-proprietorship, that's not doing so well and has several secured lenders. I have just about no assets right now, and would rather not declare BK, so I've been trying to sustain payments to the secured creditors. So if BofA, or the collection company pursuing the $800K debt, sues me for payment, I'll declare BK and they'll get nothing.
My wife has written several books the last few years, submitted them to agents and has gotten an avalanche of interest. She signed a contract
with an agent six weeks ago. The agent has submitted her first book to 8 publishers and is confident my wife will get a deal within the next six weeks. Before she gets a deal and an advance, is there any way for her to set things up so that BofA and any of my other creditors can’t come after her money? tx