Bankruptcy's Catch-22

Home Sale Hindsight

Tara-Nicholle Nelson
Inman News

Q: I filed for bankruptcy in 2008 and then lost my job in 2009. I’d like to keep my condo and my car, even though those debts were included in the bankruptcy. If I can sell my condo for more than its payoff amount, can I keep the money or do I have to pay it back to the bankruptcy court?

Second, if I am not able to sell the property and it goes into foreclosure, am I still responsible for the mortgage? Will there be attorney fees, etc., that I will be responsible for?