My question involves bankruptcy in the state of: Colorado
I have a 2d mortgage on a property with quite a bit of equity. Debtor has failed to pay after several years that have included extensions, concessions and even a settlement agreement where we both had hired attorneys. I finally started foreclosure. 7 months passed with no communication. Less than one week from the sale date I hear from his attorney. He is threatening bankruptcy unless I "negotiate" again. I know he will do anything to keep from losing the property. I also believe that he has the $ because he offered to pay most of the debt if I would once again re-negotiate and discount the amount owed. I believe that he just wants to try to squeeze me some more and extend the inevitable, i.e. paying me or losing the property. I responded with a small discount and demanded most of the debt be paid immediately, and agreed to postpone the foreclosure for 3 months to allow him to pay the balance. I am inclined to not negotiate any more. What am I looking at if he files the BR? If a repayment plan requires him to sell the property I know that he won't actually sell it.