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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31770
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I have over $300K in unsecured debt as a result of an investment

Customer Question

I have over $300K in unsecured debt as a result of an investment going bad. I was laid off my job and no longer have any assets. My mortgage is current, but that is all. I have been successful claiming payment protection insurance for $150K of the debt. That will last for about 9 more months. The remaining debt is with various banks that Bank of America acquired and they did not honor the payment protection insurance claims. Since I have no income, any mediation has not been successful. My question is NOT whether I cam file chapter 7. My question is what will happen if I do nothing? Specifically, what can Bank of America collect from me at this point? I live in California.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 8 years ago.
First, Bank of America would have to sue you for the debt. If a judgment is rendered against you, the creditor can garnish wages, bank accounts, attach property, etc.

Also, you have a homstead exemption of $50,000 under California Code of Civil Procedure sections 704.720 - 704.730. Because people have a mortgage and less than $50,000 of equity in their property, it tends to protect the debtors home.

If a judgment is obtained, the creditor can perform a judgment debtor examination to find all assets and property you own in order to satisfy the debt.
Roger and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.
Thank you. Can you recommend a good attorney for this?
Expert:  Roger replied 8 years ago.
<p>You can search for an attorney by area of practice and location at <a href=""></a>. </p>