He filed for bankruptcy in February 2012 and the debt for the property has been discharged in the bankruptcy filing.

The mortgagor of one of my "sub2" deals asked me if I would be effected if he/she files bankruptcy. 

Financing your way to wealth is a common thread in guru courses, and in the early bankruptcy of newbies who thought that real estate prices and rents only moved in one direction.Give us some details on your deal, and your creditworthiness and we can answer for you.all cash

@Daria B.No they literally went bankrupt and I'm guessing the property was taken over in he bankruptcy proceedings.

He's had offers accepted on several properties, but they didn't go through due to issues such as discovering major structural issues during the inspection, seller being in bankruptcy, seller's spouse (in divorce process) refusing to sign P&S, etc.   

The husband is in CH13 bankruptcy.

Their business went bankrupt in 2007 (filed for a bankruptcy then) and their second business  also went into debt due to non-payment from clients 2013.

However, in this business you have to take some risks (I just signed a lease on an A property with someone whose bankruptcy completed a couple weeks ago and they are currently waiting for the Sheriff to knock on their door and tell them to get out of their foreclosed home). 

Bankruptcy is an option, sometimes, but usually only buys a short period of time before the sale gets put back on calendar.

(a) If the owner's interest in the premises is terminated by sale, assignment, death, appointment of a receiver, bankruptcy, or otherwise, the new owner is liable for the return of security deposits according to this subchapter from the date title to the premises is acquired.