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Attorney answers (3)
Reputation Level 8
Answered over 2 years ago.
Chapter 7 Bankruptcy Attorney in Cherry Hill, NJ.
The filing of the bankruptcy will likely protect you from the deficiency or the difference between what you may owe on the mortgage and what it will or may bring at a sheriff sale. After the filing the automatic stay the prevent lender and their attorneys from contacting you. Post discharge we would want the credit report to reflect a designation of "included in bankruptcy".
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Reputation Level 12
Answered over 2 years ago.
Bankruptcy Attorney in Encinitas, CA.
There is a risk that you may be personally sued after a foreclosure. See discussion here:
http://harleyfeinstein.com/artman/publish/bankr... But a chapter 7 bankruptcy takes care of the problem. 1 person marked this answer as good
Reputation Level 11
Answered about 2 years ago.
Chapter 7 Bankruptcy Attorney in Bakersfield, CA.
I agree with my colleagues. A Chapter 7 Bankruptcy can discharge any deficiency owed after the foreclosure. I recommend that you speak with an experienced bankruptcy attorney in your area.
I wish you the best of luck in finding a resolution to this matter. Disclaimer: The materials provided herein are for informational purposes and neither constitute legal advice nor should they be relied upon as legal advice. Every situation is fact sensitive, and it is impossible to evaluate a legal problem without a comprehensive consultation and a review of all facts and documents at issue. This answer does not create an attorney-client relationship. I am a California Bankruptcy lawyer. Related Questions2 Attorney answers: 
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