Owner Occupied Mortgage Writen off?

[sacramento]

Quick overview:
I am a mortgage broker so have suffered a sharp decline in income.
I was forced to let one home go last year (upside down 300K) and 2 auto's. My current home I am letting go because I can no longer aford it and am also upside down 150K.

My understanding is the Ch 7 will wipe clean all debt. Someone told me yesterday the owner occupied properties debt can't be included? That can't be true.

Any insight?
Anyone refer me to a good local BK lawyer in Sacramento Ca?

Thanks for any help guys.

PS. I got married about 6 months ago and my wife just bought a Camry in only her name (I'm no where on it) That won't affect it will it? She is NOT filing.

[BROKENN]

Welcome! and Congrats on your marriage
Owner occupied is included. It all gets wiped.

Definitly see an atty, someone may know Sacramento.

And hang out for lots of data and support!

[CountryGirl]

Hi Sac,

I am not far from you and can send you my guys info. He is out of town for you but would certainly be able to make a refferral for you. PM me and I can send you his info if you are interested. My experience with him was as good as it could get for such a horrible situation.

[venicehope]

Am I understanding as owner occupied you mean, you'll include the house you currently live in in the bankruptcy? If that's so, yes you can live in it. Include it (the total mortgage due, including late fees, outstanding payments)in your bankruptcy, imediately stop making payments on it, and it will go into foreclosure. By the time you file, get discharged and the foreclosure actually takes place, depending on how fast the bank moves, you could live in the house free of charge for upwards of almost a year. Giving you the opportunity to save money, pay attorney fees etc., & pay off any of wife's debt.
Although if your thinking you can include the house in the bankruptcy and be discharged of the debt, and keep the house free & clear, NO not going to happen.
As for your wife, great...have her keep everything in her name only! Ideallly you don't want to file jointly unless she has her name on the mortgage notes, credit cards etc you own or she has a great deal of her own debt.Keep her apart from your financle issues, it's all the more important for her to maintain a good credit rating now. Make sure she pays any debt on time. Her rating will allow you both the financle freedom for future finance options.
I filed FL chapter 7,in 10/07, was discharged in 01/08

[sacramento]

Thanks for the help guys.
I don't want to keep the house, I actually already moved out. I just wanted to be certain I can clear the debt via the Ch 7.

Side question: Whats a decent price to pay a lawyer and what should I look for?

[BROKENN]

In SoCal about 1900 plus 299 filing. All the way to legal firms that help for less. Someone will say more

I saw a thread earlier on that you could search