Ducor, CA Bankruptcy Law Firms & Lawyers

Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.

In Chapter 13 you keep all your assets, but you must propose a repayment plan that repays your creditors at least the amount they would receive in a Chapter 7 case, which would include the non-exempt portion of your assets. Any transfer of assets without receiving reasonably equivalent value prior to filing the bankruptcy would be deemed a fraudulent transfer, and the recipients could be sued for the value transferred, and it could be deemed grounds for denial of discharge in bankruptcy. You need to consult with an experienced bankruptcy attorney in your area to go over your options.  Your questions indicate that you are in way over your head.  

Although if the foreclosure proceeds by notice only, it will not appear on your consumer credit report, it will appear on information about your credit to every future real estate lender. If the foreclosure proceeds by a judicial action, this public record will appear on your consumer credit report. In Nevada, a foreclosure can happen in one of two ways, but following notice requirements, or by filing an action in court. Until you know which way the wind blows, you can?t be entirely sure of how the foreclosure appears on your consumer credit. A short sale would be a lot less damaging to your credit than a foreclosure. As to obtaining financing for another real estate loan, lenders vary widely as to how much time must elapse between getting a new loan and a past problem, such as a bankruptcy, foreclosure or short sale. This is a question that needs to be asked from the lender, not a lawyer. However, in my experience, a local credit union may have the most favorable opportunities for you to obtain new financing.