Two quick questions

[rjmcconne]

I have an investment property that is being torn down due to being marked unsafe (long story and terrible nightmare). There is no way I can repay the loan and I have to let it go into foreclosure. There will be a large deficiency after the sale of the property since there will be just be land and no house anymore. If I filed bankruptcy before the property went into foreclouse, but included it in my bankruptcy, could the lender come back and sue me for the deficiency later on down the line even though I included it in the bankruptcy? Or should I wait and have to worry about whether or not and when the lender would file a deficiency judgement against me.

One more question. I just got married and I added my wife to my bank account, but she still has an account of her own. I would file single because she is not responsible for that debt, would the trustee try to take all the funds out of her account too during the liquidation process? Thank you.

[HRx]

I have an investment property that is being torn down due to being marked unsafe (long story and terrible nightmare). There is no way I can repay the loan and I have to let it go into foreclosure. There will be a large deficiency after the sale of the property since there will be just be land and no house anymore. If I filed bankruptcy before the property went into foreclouse, but included it in my bankruptcy, could the lender come back and sue me for the deficiency later on down the line even though I included it in the bankruptcy? Or should I wait and have to worry about whether or not and when the lender would file a deficiency judgement against me.

One more question. I just got married and I added my wife to my bank account, but she still has an account of her own. I would file single because she is not responsible for that debt, would the trustee try to take all the funds out of her account too during the liquidation process? Thank you.

The creditor will have several months to attempt to collect any negative equity they incurred from the foreclosure of your property. Depending upon the amount of the negative equity, it really all depends. I really cant make that determination at this stage. If they don't make an attempt to collect with 180 days they'll have to write off their lossess.

For peace of mind, separate all you financial/debt ties to your wife, until your BK filing has been discharged. Doing so will prevent your wife's credit report from being affected too. And NO they will not attempt to collect from your wife's independent account.

Good Luck!

[rjmcconne]

Thanks Todd! I have a couple more questions for you. Let me pose this to you. If my wife has a lot of her money in our joint bank account, would the trustee take all that was in there even though much of it would be hers? Or could I just declare what is mine and her money would be left alone? Also, since I'd be filing single would they just look at my income or would they look at both of ours together?