Can you file bankruptcy before and AFTER foreclosure to prevent deficiency?

[mrange25]

I've met with a few lawyer and it seems like I get mixed response. Some lead me to believe you have to time the bankruptcy with your foreclosure, but other information that i've obtained seems to believe you may want to save your bankruptcy alternative as a "silver bullet" if the lender decides to come after you later on.

Anybody have any info regarding this

[Social Apocalypse]

It is my understanding (and this may vary by state) that your existing loan is included in the bankruptcy... Do NOT reaffirm, and any deficiencies that may arise out of a subsequent forclosure after the bankruptcy are discharged. Definitely ask your attorney tho.

[helpinNE]

I agree with TB98629. If you have alot of unsecured debt that you want to discharge now and want to let the house go, and IF you can file chapt 7, then do NOT reaffirm your mortgage during the bankruptcy process.
Similarly, if you only qualify for a chapt. 13 and your mortgage is recourse, then I would consider filing BEFORE the foreclosure is complete and choose NOT to reaffirm your mortgage, basically giving the house back to the lender, and aleivating any possibility of a judgment in the future.
However, if your mortgage is recousre and this is the only debt that you are worried about, one school of thought is not to file BK until the lender tries to sue you for a deficency judgement and threatening BK if they will not settle for a reasonable amount.
The biggest benefit in my opinon (and I am not an attorney or a CPA) of filing BK and NOT reaffirming your mortgage is to get out of paying any possible state and federal taxes on the forgiven debit. If you file BK and do not keep the house you are not responsible for the taxes.
Make sure you do your research before deciding what is best for you.