87. If I don’t file bankruptcy, am I personally liable for any deficiency for a loan secured by commercial real estate?

A commercial property would normally be covered under Cal. Code Civ. Proc. §§ 580d and therefore, you would not be subject to a deficiency. However, most commercial real property transaction agreements contain clauses that waive any ant-deficiency protection afforded to a person under California law. Therefore, you must negotiate with your lender in order to obtain a settlement of the amount owed. This may include negotiating a payment plan or lump sum payment. If all else fails, then filing bankruptcy may be your only course of action to resolve the debt.