Springfield, GA Bankruptcy Law Firms & Lawyers

Your name is not removed from the deed by filing bankruptcy. You will continue to own the property until you transfer it by deed to someone else or it is transferred by Trustee's Deed after a foreclosure. Your name remains on the debt (promissory note or i.o.u) to the bank and the bank continues to have a lien (deed of trust in California) on the property for the amount you owe even if you transfer the title by deed to someone else. The bank can foreclose if you don't pay and sell the property and then, in some cases, sue you for the balance owed if the sale amount does not completely pay off what you owed. Bankruptcy can eliminate your liability for that deficiency if the bank does not get enough money at the foreclosure sale. Qualifying for a new loan is based on your credit score and income. Your credit score will not be good for several years because you will have to go through foreclosure or short sale to get rid of the house and/or bankruptcy to get rid of any personal liability remaining. Your question indicates you are confused about the bankruptcy process and what it means to own a house with a mortgage so you need to see a bankruptcy attorney for a consultation to get a better understanding of your situation and options.

Debt alleged to have been fraudulent can be filed on in a bankruptcy; however, the creditor could file an adversary complaint (a lawsuit within the bankruptcy) to allege the debt was fraudulent and shouldn't be discharged (meaning you don't get rid of it). You'll want to talk to an experienced bankruptcy attorney about the particulars of your case.