Can a bankruptcy eliminate a real state debt? - Bankruptcy Law Questions and Answers- LawQA.com

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Can a bankruptcy eliminate a real state debt?

Can a Bankruptcy eliminate a Real Estate Debt(Home Loss-Foreclosure)? If it can, do I file a Ch.7 or a Ch.13?

Answer By Andrew Harris
Law Office of Andrew Harris
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In most cases, filing bankruptcy will eliminate real estate debt. Filing a Chapter 7 or Chapter 13 depends on if there is only a 1st or 2nd mortgage, if the payments are in arrears etc. You should speak to a bankruptcy attorney about your situation so he or she can advise rather a Chapter 7 or 13 is best for your situation.

Answer Applies to: Oregon
Replied: 9/6/2011

Answer By Dan Wilson
Dan Wilson Bankruptcy
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Foreclosure deficiency is dischargeable in either a Chapter 7 or Chapter 13.

Answer Applies to: Colorado
Replied: 8/31/2011

Mercado & Hartung, PLLC
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Your personal liability will be discharged but the security interest still attaches to the property.

Answer Applies to: Washington
Replied: 8/30/2011

Answer By Joseph W. Lehn
Lehn Law, PA
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Yes, you can discharge debt resulting from real estate in either a Chater 7 or Chapter 13. The chapter will be determined by other factors such as your income and assets.

Answer Applies to: Florida
Replied: 8/30/2011

Answer By Lehn Law, PA
Joseph Lehn, Esq
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Yes, you can discharge debt resulting from real estate in either a Chapter 7 or Chapter 13. The chapter will be determined by other factors such as your income and assets.

Answer Applies to: Florida
Replied: 8/30/2011

Answer By Kevin Heupel
Heupel Law
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A Chapter 7 and 13 will eliminate a real estate debt from a foreclosure. Chapter 7 is the best since you no longer own the home.

Answer Applies to: Colorado
Replied: 8/29/2011

Answer By Bill Zurinskas
Bankruptcy Law Center
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Bankruptcy can discharge deficiencies from a foreclosure of a 1st mortgage, as well as the balance due on a second mortgage.

Answer Applies to: Colorado
Replied: 8/29/2011

Answer By Michael Johnson
Law Office of Michael Johnson
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Yes. All debt can be eliminated other than a few items.

Answer Applies to: Florida
Replied: 8/29/2011

Bankruptcy Law office of Bill Rubendall
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If you owe a deficiency for a foreclosure it can be discharged in bankruptcy.

Answer Applies to: California
Replied: 8/27/2011

Answer By C. David Hester
Guardian Law Group PLLC
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Yes but of course that also means you lose the associated property. The determination of whether to file 7 or 13 is dependant on many things, you will need to speak with a bankruptcy counsel to look at all your needs.

Answer Applies to: Utah
Replied: 8/27/2011

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