Bankruptcy & real estate

[FCOVARGAS]

What is the name of your state (only U.S. law)? FLORIDA

WHAT HAPPENS IF I FILE BANKRUPTCY IN FLORIDA BUT HAVE A REAL ESTATE IN GEORGIA?

 

[bigun]

You disclose the property on your petition.
What happens after that depends on which chapter you file, the amount of equity in the property, your intentions {surrender or reaffirm},etc.
Some details will help answer your question.

 

[FCOVARGAS]

Thanks very much for your answer.
It will be chapter 7 - no equity on the property - property will be surrendered.
Will any remaining pending balance be eliminated?

 

[bigun]

Any deficency balance will be considered unsecured debt and discharged in your Chapter 7.

 

[FCOVARGAS]

I really appreciate your help. It completely clarified my doubts.