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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2891
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I filed for BK, the stay on my house was lifted. Will I be

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I filed for BK, the stay on my house was lifted. Will I be responsible for the shortfall when it is sold? I put surrender on bk filing
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Hi and thank you for your question.
Once you file bankruptcy, that discharges the whole debt. The lender moves to modify the stay to pursue transfer of the property back to them.
They will eventually foreclose, but there is no deficiency, since the balance was discharged in the case. The foreclosure just transfers the title back, and that is it.
Thank you for your question and good luck to you.
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