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You NEVER get to file bankruptcy on a thing...YOU file bankruptcy, and everything you owe and everything you own is included.

Without BK, the amount you did not pay on the loan you must pay. The deficiency the bank will still want to collect.

If you can't pay off the loan on a property, you can't provide title to someone else, so you essentially can't sell it. In BK that excess is then classed an unsecured debt, (originally the loan was a secured debt, secured by the property which it gets first right to the proceeds from) and depending on how many assets you have to pay all your unsecured debts, may end up being relieved by the court.

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17y ago

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