Beginner Question

[ilzhoefer]

Hello:

I had a foreclosure and I am unsure if I will be sued for a deficiency amount. They would have 10 years to decide to pursue me. That's a long time.

If I am sued, I would have to file BK. Unsure what ch. it would be.

Here's my question.

Can I file BK and include the loan/deficiency even though I have not been sued, to get rid of their ability to pursue me for the deficiency amount? I do not want this dark cloud hanging over me for 10 years. I would rather just file and start over.

Thoughts?

[StartingOver10]

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@ilzhoefer wrote:

Hello:

I had a foreclosure and I am unsure if I will be sued for a deficiency amount. They would have 10 years to decide to pursue me. That's a long time.

If I am sued, I would have to file BK. Unsure what ch. it would be.

Here's my question.

Can I file BK and include the loan/deficiency even though I have not been sued, to get rid of their ability to pursue me for the deficiency amount? I do not want this dark cloud hanging over me for 10 years. I would rather just file and start over.

Thoughts?

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Yes, you can.

[Av8or]

They aren't going to wait for 10 years to come after you. Probably not even 2 years. Do you even know what the deficiency will be? You may be able to settle with them for pennies on the dollar if they know it will force you into bk, or they may forgive the debt and leave you with the taxes on the deficient amount. If it's not too much, at least you wouldn't have the bk on your history. I would wait until you have a clearer picture and can get some sound advice on your particular situation.