My question involves bankruptcy in the state of: California
I am finding out some information to help out my friend, as his attorney is not very helpful.
He filed Bankruptcy chapter 7 with central district of California in April 2012. He owns one primary residence in LA and one rental property in Northern CA. He lives in LA (primary residence). The problem is regarding this rental property. On the rental property he owes 1.2 million. The present value of the house is 0.5 million. He stopped payments on this property from around April 2011 (last year). Notice of default was filed from the bank in December 2011. The bank started to foreclose process by trying to sell the property in auction in April 2012 but postponing it because of Bankruptcy every two weeks from then. The bank is feeling anxious to sell the property as soon as the Bankruptcy gets discharged. He would like to keep this rental property. Can he do it? Will he still have control over the property after the discharge or it is up to the bank? Can he do short short sale?