What Do Foreclosure Attorneys Do
September 25th, 2009
What Do Foreclosure Attorneys Do
Question: Is surrendering a property in bankruptcy the same as foreclosure?
I have been talking to a few attorney's and they tell me that you can surrender property in either a Chapter 7 or Chapter 13 bankruptcy.
If you "surrender" the property, does it still count as a foreclosure against you? Does the bankruptcy protection, from either a Chapter 7 or 13, protect you from possible lawsuits etc?
I know many people view Chapter 7 as liquidation, but I have been told by many attorney's you can also surrender in a 13 but people just opt not to.
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Answer: You can surrender property under either Chapter. It's the same as a foreclosure or repossession. The bankruptcy protects you from any deficiency judgment.
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