Is it possible to successfully purchase a property subject to existing financing that is currently in Chapter 7 bankruptcy? 

I filed for Chapter 13 bankruptcy in Dec 2012.

A probate court cannot cancel a recorded mortgage like a bankruptcy court can but they can permanently bar unsecured claims against the estate. 

If a business is insolvent it files for bankruptcy and sells everything at a discount...I see little difference here.  

I do have a plan, though it's rather vague at the moment, and I'd like your opinions.Right now, I'm going through a bankruptcy as a result of debts from my divorce.

For many homeowners, taking an "undervalued" offer is a far better alternative than having to file bankruptcy.  

She had a Chapter 7 bankruptcy, which was discharged so that doesn’t affect me. 

Worse-case if your investments go bad, you may have to file bankruptcy.

The same as a bankruptcy or missed mortgage payment, creditors are given broad discretion here... and of the mortgage lenders that don't hold forbearance against anyone, that's a bucket of higher risk loans, so you know what's going to happen to the rates offered. 

Both the seminar company and DM filed bankruptcy.