Complete Labor Law Poster for $24.95
from www.LaborLawCenter.com, includes
State, Federal, & OSHA posting requirements

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

        The LaborLawTalk.com forum is intended for informational use only and should not be relied upon and is not a substitute for legal advice. The information contained on LaborLawTalk.com are opinions and suggestions of members and is not a representation of the opinions of LaborLawTalk.com. LaborLawTalk.com does not warrant or vouch for the accuracy, completeness or usefulness of any postings or the qualifications of any person responding. Please consult a legal expert or seek the services of an attorney in your area for more accuracy on your specific situation.
        Working...
        X