Can you file bankruptcy AFTER foreclosure?

[mrange25]

My wife and I don't want the house. Can we just let the house go into foreclosure, and then file bankruptcy later if the lender comes after us?

[TrappedFL]

In short, yes, provided you qualify for BK. Ch. 7 would remove the deficiency judgment against you if you qualify. Ch. 13 is more complicated. I would go ahead and consult an attorney, and start planning the process as there are important considerations when you're preparing to file bankruptcy. Good luck.

[we're_still_reviewing]

Originally Posted by mrange25

My wife and I don't want the house. Can we just let the house go into foreclosure, and then file bankruptcy later if the lender comes after us?

Yes, you can but our attorney has advised us to file Chapter 7 first and add the mortgage on the petition. That way the mortgage will get discharged with the Chapter 7 and there will only be a Bankruptcy on our credit report as opposed to a Bankruptcy AND a foreclosure.

Good Luck to you