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  1. #1
    Join Date
    Mar 2008
    Posts
    21

    Default Personal Loan

    My question involves bankruptcy in the state of: CA
    My wife and I borrowed 80k from her father a few years back and paid it back in one lump some last year. A few months later we borrowed the money back and went on a payment plan with him for 1500 a month. We have paid back about 25K of the 80K. The rest of the money has gone towards bills and my gambeling habit. My wife does not work and I have not found a job that I can keep up with my house payment of 4k a month along with the 1500 a month to my father in law. We are 150K-200K upside down on our mortgage. If we short sale we will get a 1099 (our loans is not a purchase money loan) We are going into forclosure and plan on filing for BK.
    Can we include the 55K that we owe to my wife's father in the bk? Is my wife's 401K safe?

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Personal Loan

    You can list the loan in your bankruptcy debts. It's too bad though that the loan can't be paid back since it was borrowed from your father-in-law.

    Your wife's 401k is an exempt asset.

  3. #3
    Join Date
    Apr 2008
    Location
    Las Vegas, NV
    Posts
    66

    Default Re: Personal Loan

    In addition, you need to get help with your gambling addiction, or you will find yourself in the same place a couple years from now that you are currently.

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