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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Hello, I am looking in to filing chapter 7 Bankruptcy later

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Hello,
I am looking in to filing chapter 7 Bankruptcy later this month. I currently live in Charlotte, NC in a one residential home which is currently in the foreclosure procedure. I bought this home in 2005. I also own another home in Long Beach, CA which I bought back in 1989, and was also my primary resident before moving to NC. I also intend to move back to CA after my home in NC is foreclosed and live in the home in CA as my primary resident again. The first mortgage is $80,000.00 and the second is $94,000.00 and the estimated value of the house around that area is $290,000.00. I will file this petition alone. But the house has my wife's name on the deed.

questions:

1- Will the trustee sell my house to satisfy the unsecured loan?
2- If he/she does, will my wife get he 50% share?

regards,

arun

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

Are you over the age of 60?

Customer:

no

Customer:

I am 60.

Customer:

hello

cfortunato :

Thank you for your response.

cfortunato :

Given the information you provided, you would be able to save the CA home - but only if it is your residence at the time you file a Bankruptcy.

cfortunato :

In other words, you would have to move to the CA home before, not after, you file a Bankruptcy. If you file a Bankruptcy before you move into the house, the Bankruptcy trustee will be able to sell the house, and give one half of the equity to your wife (if you are filing a Bankruptcy without your wife). Your one half of the house's equity would be distributed to your creditors.

Customer:

thank you so much Chris for your response.

Customer:

what is the time requirement to establish the residency?

cfortunato and other Bankruptcy Law Specialists are ready to help you
Your main residence at the time of filing is considered to be your homestead - which is protected. There is no time requirement for establishing that a house is your main residence.
You should keep in mind, though - if you move to your house in CA, you do have to wait 90 days after moving to CA before you can file a Bankruptcy in CA.
cfortunato and other Bankruptcy Law Specialists are ready to help you