Bankruptcy Chapter 13
I have 3 questions regarding bankruptcy (Chapter 13):
1. I recently had a deficiency judgement on a foreclosure sale of my building, which was sold at 55% of bank's appraisal value. I am afraid now the lender will go after the land that I own. If I declare bankruptcy (chapter 13), will the court protect the foreclosure sale of the land, and give me the opportunity to pay back the remaining deficient amount?
I run a clinic that currently generates strong cash flow, and own a condo and a car. I am especially not sure whether the court will protect the land through bankruptcy ch.13, since the land is currently not used for any other purposes other than my personal investment portfolio.
2. As mentioned above, do I have a case of vacating the previous deficiency judgement, since the foreclosure property was sold at only 55% of the appraisal value?
3. I have over $100,000 in annual income, and possess real estate property (land $1m; condo $1m with mortgage; building which is under foreclosure sale). I also have a business generating a minium of $40K/month (profitable). In case of a bankruptcy ch.13, should I declare bankruptcy with my business as well?
Thank you for the information in advance.