Real Estate

Can I Remove Judicial Liens from My Home through Bankruptcy?

Can I remove judicial liens from my home through Bankruptcy? When a creditor filed a lawsuit and received a judgment against you, the creditor can levy your bank account, garnish your wages, or record an abstract judgment with your county recorder’s office in hopes that you own real estate in the county.  Abstracts of judgment become …

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Bankruptcy and Foreclosure

What can Chapter 7 Bankruptcy and Chapter 13 Bankruptcy do for my Foreclosure? Chapter 7 Bankruptcy cannot stop foreclosure.  It can stall foreclosure.  If you receive a Chapter 7 Bankruptcy discharge, you are not personally liable for the debt after they foreclose on the collateral. Chapter 13 Bankruptcy can stop foreclosure as long as you timely …

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Lienstripping and Chapter 13 Bankruptcy

What is Lienstripping in Chapter 13 Bankruptcy? Chapter 7 Bankruptcy or Bankruptcy Discharge does not get rid of liens.  Bankruptcy discharge only gets rid of your personal liability to the debt and the lien will remain in the property. If you want to get rid of a junior lien on your home (aka second mortgage, equity line of credit), you …

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Liens and Bankruptcy

What liens can bankruptcy remove? The answer depends of the type of liens and which bankruptcy chapter filed. Judicial liens, aka judgment liens, by credit cards, personal loans, medical bills, or deficiency from car repossession or foreclosure can be removed in either a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy if you meet the conditions. …

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Can I Keep My House If I File Bankruptcy?

Can I keep my house if I file Bankruptcy? If you file Chapter 7 Bankruptcy, your Chapter 7 Bankruptcy Trustee will not liquidate your house if there is no net value after the claimed exemption pursuant to the California exemption statutes, amount encumbered by your secured lender, recorded property taxes owed, recorded unavoidable judgment liens, …

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Should I Sell or Transfer My Properties Before I File Bankruptcy?

Should I sell or transfer my properties before I file bankruptcy? Generally, you should not dispose of assets in contemplation of bankruptcy. Such transfer of assets can result in avoidable transfer by the bankruptcy trustee. Even worst, such transfer might be classified a “fraudulent transfer” where the bankruptcy trustee can sue the recipient to recover …

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Can I Sell or Encumber My Properties Once I File Bankruptcy?

Can I Sell or encumber my properties once I file Bankruptcy? If you filed a Chapter 7 Bankruptcy, the Chapter 7 Bankruptcy Trustee becomes the owner of your properties. However, the Chapter 7 Bankruptcy Trustee is unlikely to liquidate your assets, especially if you retained a Sacramento Bankruptcy Attorney, when you claimed your assets exempted …

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Do I have to Disclose All Assets in Bankruptcy regardless of Location?

Do I have to list an asset that I own in another state or foreign country in my Bankruptcy case? Yes. All property, real and personal, must be disclosed in the bankruptcy schedules, regardless of whether located in Sacramento, California or elsewhere. However, the cost effectiveness of liquidation decreases for the Chapter 7 Trustee if …

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