Announcement

Collapse
No announcement yet.

Question about BK on a Line of Credit California

Collapse
This topic is closed.
X
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Question about BK on a Line of Credit California

    Hi everyone and Thanks for taking the time to look at my question. Also Happy 4th of July!

    I own my house out right, but I pulled a line of credit against it. I pulled $165,000 and then pulled another line of credit of $85,000 (bank was trying to give me more!!). So I have a total of 2 line of credits on the house.

    If I claim BK will it wipe out both line of credits? The house is only worth about $100,000 and I'm on a fixed income.

    Any help would be great, Thanks

  • #2
    You can get a Nolo book on bankruptcy - it will furnish you with a lot of information.

    However, your best bet is to talk to a bankruptcy attorney - someone you can furnish complete details re your assets/income to along with your debts. They can help you decide if bankruptcy is the best way to go & if so whether to file a Chapter 7 or if possibility a Chapter 13 might be best for you.

    They can answer all your questions. You can generally get a free or low cost initial consultation.

    In "some" cases/situations both lines of credit can be wiped out. It depends on the type of bankruptcy & other various factors.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

    Comment


    • #3
      I too recommend a lawyer to help you sort through this but here is a site that gives some general information on this topic http://www.ehow.com/info_10050765_ca...ankruptcy.html
      I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

      Comment


      • #4
        OP, I did a google search previously (which you can do also) & came up with several websites with general info on the topic but it can get a little complicated when you have 2 lines of credit on your house. (some don't even mention 2 lines of credit) That is why I suggested your best bet is an attorney. You'll most likely need one anyway.

        Nolo has books with lots of bankruptcy information but even then I would talk to a bankruptcy attorney.

        PS -I do agree though that the link above will give you some general information on the topic.
        Last edited by Betty3; 07-06-2012, 08:04 AM. Reason: add PS
        Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

        Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

        Comment

        Working...
        X