Is surrending your house in a Chapter 7 bankruptcy the same as foreclosure?

Matthew: Is surrending your house in a Chapter 7 bankruptcy the same as foreclosure?
My wife and I do not want the house anymore, and we need to relocate to be with family. If we give up the house in a Chapter 7, are we relieved of all liabilities pertaining to the mortgage?

Answers and Views:

Answer by timefan
Yes, filing for bankruptcy is always better, this way they won’t be able to collect. If you just do the foreclosure they will call you and maybe put a judgement on you for the remaining amount owed.

Answer by dusty_titus
Yes.

Answer by Reena
A chapter 7 discharges “unsecured” debts (credit cards, medical bills, personal unsecured loans).

It does not pertain to secured loans (mortgage and car payments).

Because they are “secured” and you will lose your house in foreclosure and may be held liable if the bank can’t sell it for enough to pay off the mortgage.

You would be better off waiting with the chapter 7 until the foreclosure is done and you know what remainder you still owe to the bank… because that remainder becomes unsecured debt…. and can be discharged in chapter 7.

File for chapter 7 now and you won’t be able to do so for another 10 years. Plenty of time to pay off that money that you will end up owing to the bank because they sold your place dirt cheap.

Answer by Ruth
Well If you have money problem and u want loan. some days before my friend having very bad financial crises so while he was searching on Internet for Bad credit loan he found a site which contain link for Geniune lender for Bad credit Loan. He checked all 8 links in that each link offer different interest rate and repayment time.
My Friend got loan of 25000$ for 15 years on 3% interest rate which should be payed annually.
Well you go to

Dixiloan.com

then go to Personal loan or Bad credit loan according to ur credit score

Check all 8 links in that in search of lowest interest rates.

Take Care
Bye!

Answer by Mike
You are only fully relieved from liabilities if you file chapter 7 and not 13. It is no longer automatic that you can for file chapter 7 and may have to file for chapter 13 if you fail the means test.

https://www.nolo.com/legal-encyclopedia/chapter-7-bankruptcy-means-test-eligibility-29907.html

Answer by Dark Green Money
Similar, but different.
All squares are rectangles.

Bankruptcy relieves you of the debt.
Forclosure deals with the ownership of the property.

In your case, your rectangle (bk) will lead to your square (foreclosure).

Answer by jheckle
No. You can learn about chapter 7 bankruptcy and even get a complete do-it-yourself bankruptcy kit at the website below.

Answer by DR. Rea
check all the information on Chapter 7 Bankruptcy at this site.

bye. TC…