Legal Question in Bankruptcy in New York
Can a lender pursue a deficiency judgement against their borrower who filed for personal bankrupcy and the properties were abandoned by the bankrupcy trustee, thus allowing the bank to foreclose on them.... The lenders were discharged as creditors in the bankrupcy. But do they still have a right to pursue the deficiency judgement against the borrower? These are NY properties, investment properties.
Asked on 2/01/11, 8:37 am
1 Answer from Attorneys
Andrew M. Doktofsky
Andrew M. Doktofsky, P.C.
The debtor's personal obligation to pay the mortgages was discharged in the bankruptcy proceeding. A deficiency action would violate the discharge injunction.
Answered on 2/07/11, 1:56 pm
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