Can a bankruptcy eliminate a real state debt? 27 Answers as of June 11, 2013

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

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Law Office of Andrew Harris
Law Office of Andrew Harris | Andrew Harris
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
Dan Wilson Bankruptcy
Dan Wilson Bankruptcy | Dan Wilson
Foreclosure deficiency is dischargeable in either a Chapter 7 or Chapter 13.
Answer Applies to: Colorado
Replied: 8/31/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
Your personal liability will be discharged but the security interest still attaches to the property.
Answer Applies to: Washington
Replied: 8/31/2011
Lehn Law, PA
Lehn Law, PA | Joseph W. Lehn
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
Joseph Lehn, Esq
Joseph Lehn, Esq | Lehn Law, PA
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
    Heupel Law
    Heupel Law | Kevin Heupel
    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
    Bankruptcy Law Center
    Bankruptcy Law Center | Bill Zurinskas
    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
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    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
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    If you owe a deficiency for a foreclosure it can be discharged in bankruptcy.
    Answer Applies to: California
    Replied: 8/29/2011
    Guardian Law Group PLLC
    Guardian Law Group PLLC | C. David Hester
    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: 8/29/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    Yes, bankruptcy can eliminate the debt associated with foreclosure, however of you want to keep the real estate you will need to pay the debt. As to whether you file a Chapter 7 or 13, those will be based on you personal situation and whether you are trying to keep the property.
    Answer Applies to: New Hampshire
    Replied: 8/29/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    Yes it can but whether you want to file Chapter 7 or Chapter 13 depends on more than that, primarily your income and expenses, and what those numbers are. Without knowing that, its difficult to tell you which Chapter is best for you, other than the very general statement that a Chapter 7 is a straight liquidation whereby you are wiping out all the debt, whereas a Chapter 13 is a 3-5 year repayment plan, and usually is entered into when you have surplus income. Again, that is a very general description, and you need to talk to an experience bankruptcy attorney (you're welcome to call me) to see what is in your best interests.
    Answer Applies to: California
    Replied: 8/29/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    First of all, get a lawyer. Pro se cases are disasters. You do not get to choose between 7 and 13 in most cases. The numbers that make one work usually make the other not work. Real estate debt can be discharged in most 7's, but you also lose the property. There are many options in a 13 as to such debts that depend on your numbers. Have you lawyer review those numbers.
    Answer Applies to: Georgia
    Replied: 8/29/2011
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    Yes. Bankruptcy will discharge a foreclosure deficiency in the absence of fraud. What chapter to file depends on a number of factors. You should consult with a knowledgeable local bankruptcy attorney.
    Answer Applies to: California
    Replied: 8/29/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Yes it does, either Chapter will do it.
    Answer Applies to: California
    Replied: 6/11/2013
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Yes, either Chapter 7 or Chapter 13 bankruptcy can eliminate a debt.
    Answer Applies to: Indiana
    Replied: 8/29/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    Bankruptcy can discharge real estate related debt - although you cannot keep your house and not pay the mortgage. Any chapter can address this type of debt. The correct chapter for you depends on a number of factors. You should speak with an experienced bankruptcy attorney to determine the best way to proceed.
    Answer Applies to: Colorado
    Replied: 8/29/2011
    Ross Smith, Attorney at Law
    Ross Smith, Attorney at Law | Charles Ross Smith III
    You can discharge a home loan mortgage, secnd mortgage, or even a mortgage deficiency in a Chapter 7 Bankruptcy. Chapter 13 is a 3 - 5 year plan to pay back your creditors at 0%. The cool thiong about a Chapter is that you can sometimes p[ay your creditors back a very low percentage of what you actually owe them. So go see an attorney. There are many that don't charge for the first consultation. Good luck.
    Answer Applies to: Ohio
    Replied: 8/29/2011
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Chapter 7 discharges (forgives) the home foreclosure debt. A chapter 13 pays all or a portion of the debt and discharges (forgives) the balance owed.
    Answer Applies to: Michigan
    Replied: 8/28/2011
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    Yes it can. There are many factors in determining if a 7 or 13 is appropriate. I recommend an appointment with an attorney.
    Answer Applies to: Nevada
    Replied: 8/28/2011
    The Salas Firm
    The Salas Firm | Ron Salas
    Yes - Bankruptcy will clear a deficiency caused by a foreclosure. The decision weather a chapter 13 or chapter 7 should be filed depends on many variables and should be discussed in more detail.
    Answer Applies to: Colorado
    Replied: 8/28/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    Yes, if the home has been sold through foreclosure or is no longer in your name.
    Answer Applies to: California
    Replied: 8/28/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    Yes. If it's already foreclosed, a 7 would eliminate the debt if you qualify otherwise.
    Answer Applies to: Virginia
    Replied: 8/28/2011
    Law Office of Eric Ridley
    Law Office of Eric Ridley | Eric Ridley
    In general, yes a bankruptcy filing may eliminate these types of debts, depending on the circumstances. Whether to choose a 7 or a 13 filing is a very complex question; too complex to answer here. You should discuss it with a bankruptcy attorney who can counsel you on your alternatives.
    Answer Applies to: California
    Replied: 8/28/2011
    Dan Shay Law
    Dan Shay Law | Daniel Shay
    Yes, either 7 or 13 would work. Most people prefer 7.
    Answer Applies to: California
    Replied: 8/28/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    Chapter 7 would probably be best.
    Answer Applies to: California
    Replied: 8/28/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    You can eliminate real estate debt through either a chapter 7 or chapter 13 depending on your situation.
    Answer Applies to: Washington
    Replied: 8/28/2011
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