Shingletown, CA Bankruptcy Law Firms & Lawyers

If you both hold title to the property then you both own the property regardless who lives there and you both have the right to possession. Who holds the mortgage(s)? If you are both on the mortgage then both of you are responsible for paying the mortgage, as far as the creditor is concerned 100% so when payments aren't made, both people's credit reports get dinged. How many mortgages are there on the property and are you in California. If there is a second mortgage is it a purchase loan or a refinanced loan or home equity line of credit. Those are important questions in determining whether there would be a possible deficiency, in the event of foreclosure. I'm not sure what you mean by the house "falling back" on you. That made me chuckle. Houses usually don't fall on anyone unless there's an earthquake or something like it. Sometimes bankruptcy is used to save the home from foreclosure. I don't know what type of bankruptcy he filed, chapter 7 to get rid of other debts so he can start making mortgage payments, will he be applying for a loan modification. Or did he file a chapter 13 which is a reorganization and repayment bankruptcy that allows debtors to bring loan(s) current? I have more questions than answers for you unfortunately. In addition to the ones above there is also: is there equity in the property, meaning is the house worth more than what is borrowed on it? Or are you upside down, meaning you owe more than what it is worth? Probably the best way to resolve your concerns is to have an interactive discussion with either your family law attorney or a bankruptcy attorney.

Yes. You can withdraw money from the 401k to pay for your expenses but the money loses its exemption status once it has been withdrawn from the account. Any money left in the account will remain exempt from the bankruptcy estate.

The lien is because a judgment was obtained against you and an "Abstract of Judgment" was issued by the court an recorded in the County Recorder's Office where your house is located. It attaches as a lien on all real property you own in that Count. That is a judicial lien and it can be avoided by filing a motion to avoid judicial lien in your bankruptcy case on the basis that the lien impairs the homeowners exemption to which you are entitled to protect your home equity (or, if you have no equity now, that you would be entitled to protect equity on your residence in the future when hopefully you will have equity). The debt itself will be discharged in bankruptcy but you will want to remove or avoid the lien since it will be a problem in the future to sell or refinance your home. In order to put a judicial lien on your home, the car loan company must have obtained a judgment and then an Abstract of Judgment. You cannot file an Abstract of Judgment unless you first have a judgment! The company probably sued you a second time and gotten the judgment or got the court to reset the trial date in the original lawsuit. Maybe you did not get the summons in the second lawsuit or the notice of new trial was lost in the mail, eaten by the dog, etc. You can take a look at the court's file and find out what happened if you really curious. Since you are filing bankruptcy, the best way to resolve the problem is to just include that debt in your bankruptcy petition (as required) and file the motion to avoid judicial lien. It will make your bankruptcy case more expensive but there is no better or cheaper solution to resolve the problem.