deed-in-lieu for an investment property

I am in a situation where my business partner and I purchased a piece of property in an upscale development about 4 years ago with the intent to sell it and make a little extra money. The development is taking much longer to be constructed than originally thought and our property does not even have a road to access it yet. Our business has taken a huge hit in these slow economic times and my wife has lost her job. My business partner is thinking of claiming bankrupcy and I am trying to find a way to get out of this loan without hurting my credit. We do not believe that the property value will get back to what we paid for it for a number of years, if ever. We have 14 year loan which makes the payment very high each month. We could probably talk to the bank and try to have the payment reduced or the loan period extended but in the long run we feel we would be paying way more for the property than we could ever get in return. my question is this... can we do a deed-in-lieu on a piece of property? And does it mean that when the bank sells it we are still responsible for paying back the difference between the selling price and our loan amount? Any help on this matter would be greatly aprreciated. Thanks.