Foreclosure after Bankruptcy?
Posted by D on April 24, 2008 at 11:49:25:
Foreclosure after Bankruptcy?
As I’m in a similar situation, I thought I’d ask for insights to my situation. Any insights you can give would be most appreciated as this is not a happy time for me at this time.
I’m looking to file a Chapter 7 but may be pushed to a Chapter 13 due to the means test. With that said I have fears of making my payment no matter which option I end up with. I realize I may be able to restructure with the lender; however want to know the following:
If after bankruptcy, I am unable to make the payments and I am foreclosed on will I simply have to leave and have no fiduciary responsibilities for any deficiencies owed?
Thinking if, I have doubts about making my payments after “BK” I should consider surrendering my home at my bankruptcy court verses chancing a future foreclosure. This is based on me thinking I would be held accountable for any deficiencies owed should I fail to make the existing payment structure and end up with a foreclosure.
Anythoughts?
Follow Ups:
- Re: Foreclosure after Bankruptcy? (url) - Julio Martinez-Clark 14:52:34 04/24/08
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