Legal Question in Bankruptcy in Tennessee
foreclosure question
i hope you can help,my situation is this:I have a piece of property that i am currently running a money losing business on,I owe about 101,000$ on this property and can no longer pay,the bank refuses to work with me on this and since I am a guaranteer on the loan they have me over a barrel,my only recourse is to file bankruptcy chapter 7,once they forclose,I assume they will sue me, I know i will lose my property, i am prepared to accept the loss,i cant pay for it any longer,,after chapter 7 can the bank still come after me for the remainder of the debt if they cant sell it for the full amount owed? I am worried that i will still have to pay for it even after filing. thanks.
2 Answers from Attorneys
Re: foreclosure question
The purpose of Chapter 7 is to prevent the bank from seeking a deficiency judgment against you. The Chapter 7 would cut off all of the bank's rights against you upon the filing of the Chapter 7 and surrender of the property to the bank.
Re: foreclosure question
The short answer to your question is probably not. After the filing of a bankruptcy and your receipt of a discharge, this should eliminate the entirety of your debt.
First, you need to speak with a professional debtor's counsel. There are a number of people who focus their practice in this area. I would avoid any sort of on line service as there may be pitfalls you cannot know to avoid, which an attorney can help you through.
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