Hardwick, NJ Bankruptcy Law Firms & Lawyers

Too many unknowns to answer conclusively. But in general, if a debt is eligible to be discharged, i.e. general unsecured debt, and the chapter 13 plan does not pay the claim in its entirety, then the person sharing joint liability for the debt shall owe the difference. But as with most issues in bankruptcy, so much is determined by specific facts and circumstances. Best to consult a bankruptcy attorney.

If what you say is true and you have not reaffirmed the mortgage, or done anything else to resume personal liability on the loan (e.g. refinancing or something like that), you should be able to walk away from the mortgage without concern of a deficiency judgment being levied against you if you received a discharge in your Chapter 7 case. The length of time you have in your home varies greatly depending on your bank and the law firm the bank has hired to do the foreclosure suit; an experienced foreclosure defense attorney may be able to extend the time you have in your home for a reasonable fee well below what you would save in the time period it takes for the foreclosure to finish. Often, though, the process will take between nine months to a year in Illinois without interference.