[Ping P]

...deficits after foreclosure? I had some properties foreclosed. Now, the bank wants me to pay a very big difference on each properties. Is bankruptcy the only option? Lawyers said we're making too much for Chapter 7. Any alternatives?

[thomas b]

I am simply appalled at why so many people in this nation call upon an attorney, when they UNKNOWINGLY have so many options, when it comes to their personal finances. First question back to you would be: Did you place these properties into your personal name, or did it occur to you to ever place these properties into Trusts within an LLC. Whereby you personally would never be responsible for the DEBT, because the LLC is responsible for the DEBT, and it cannot EVER be legally attached to you personally for paying the DEBT, but rather the LLC. Here's another nugget of info for you, in the event you recover from this loss, and decide to go for it again. One LLC owns as many Revoccable Trusts or Irrevoccable Trusts as it wants. However, Each and Every property you purchase is to be placed into a Trust, and Each and Every Trust holds One and Only One property. AND YOU ARE NEVER LIABLE FOR THE DEBT, PERSONALLY!!!! Because the lenders are governed by Law to look to the LLC for the Debt Recovery.
But, as it stands with your question. You are responsible for the current debt, and the only option I see would be for you to personally contact the lender and NEGOTIATE a payoff with some terms that you can conceiveably budget payments for. And if that's not an option, then Bankruptcy would be the ultimate scapegoat for you to survive with your skin, so to speak.
I wish I could make it sound better, but personal finances are serious matters, that sometime require Intestinal Fortitude.
Best of Luck.