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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2670
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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If I file chapter 13 BK in southern district of california

Customer Question

If I file chapter 13 BK in southern district of california as an individual (but am married) for purpose of stopping foreclosure on home we live in, do I have to list all of my debts PLUS my husband's debts, or just my own? We are both on the mortgage to the home. Also what about assets, do we count the house as an asset even though it is upside down?What about other property we own? It is rental property that is not in trouble, but it was our home we lived in many years ago. It was listed in our Ch 7 BK almost 15 years ago. We kept it and have been paying 1st mortgage all this time, BUT the people we owe 2nd & 3rd to are long gone, we believe one is dead and the other is missing and we have not been able to locat. Do we list this as asset and debt again? & how do we treat the missing folks?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

1) What is the current market value of the rental property?

2) What is the balance on the 1st mortgage for the rental property?
3) When did you last pay the 2nd and 3rd mortgages?