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Will tsunamis affect California?

I live in California, I own a home in California where I reside and another one in Vegas for investment purposes. I can no longer afford the house in Vegas. Should I file bankruptcy? How would it affect my primary home in California?

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    I am a retiree and have a Condo in FL and live in another state. I have lost a lot of my future retirement in the stock market crash. My mortgage on the Condo is worth far more than what the Condo is worth. I am unable to sell it because I could not pay off the mortgage, and I can no longer can afford to pay for the Condo fees, taxes and everything else associated with the Condo. What are my options? What are FL laws concerning walking away from this property? I have never been in this situation before.

Lobo at Answerbag.com Visit the source

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Houses in Vegas are a dime a dozen, well almost. To answer your question, it all depends on which bankruptcy chapter you file under. Bankruptcy is a Federal protection and there is no guarantee that it will be accepted by the court. You can't file bankruptcy half way (Nevada yes, Cali no). All assets are grouped and all liabilities are grouped then either they are discharged or a payment plan is put in place. If you have any credit cards look to see if there is a universal default clause. What this means is that if you default or are late on any of your financial obligations, including utilities, your are a riskier client now and the UDC kicks in to the max, usually upwards of 28% and your minimum monthly payments on the cards doubles.

slither

The value of the house has gone 40% below the purchase price. If I sell the house then I will be responsible for what is left on the loan which I can't afford.

Lobo

Why not just sell the house in Las Vegas?

Stu B in his autumn COAT

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