FILING CHAPTER 7 IN CALIFORNIA

Question Details: First, I own a timeshare free and clear, do I need to list it in one of the schedules, if so, where? Second, is a HELOC (Home Equity Line of Credit) a secured or unsecured claim; re real property, is the description of property, i.e., single-family dwelling, is the location the address, what is meant by 'nature of debtor's interest and unsecured portion of claim or lien? Third,is a 'homestead exemption' and a'homeowners exemption' one in the same. My property tax bill shows a $7,000 'homeowners exemption'. Again, I live in California. Thanks for your advice. DGranny

Asked 8/12/2009 under Bankruptcy | 206 View(s) | More Legal Topics

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Bruce Fink / Law Offices of Bruce R Fink Answered 2 years ago | Contributor This attorney is licensed in California

You must list all thingns you own. HELOC is secured. Nature of interest means own, lease, lease with option, joint owned with someone else etc. Homeowners exemption and Homestead Exemption are ENTIRELY DIFFERENT. If you live in Southern California (Orange, Riverside, San Bernadino or LA countieis, please contact me. Bruce R Fink 714 558-3000

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