A friend of mine filed for Chapter 13 bankruptcy. He has a rental property that he decided to "let go" or should I say foreclose. His current loan balance, I think on that property is around $340k. The current market value of same property is around $250K.
My question is would the lender/bank go after him for $ he owes on rental even if he filed for Chapter 13?
Thank you.
Assuming the loan preexists the chapter 13 filing, there is no personal liability at the completion of the plan and discharge. The lender's only recourse is whatever funds are realized from the sale of the property.
Assuming the loan preexists the chapter 13 filing, there is no personal liability at the completion of the plan and discharge. The lender's only recourse is whatever funds are realized from the sale of the property.
Assuming the loan preexists the chapter 13 filing, there is no personal liability at the completion of the plan and discharge. The lender's only recourse is whatever funds are realized from the sale of the property.
